At the peak of the cryptocurrency and Bitcoin (BTC) hype back in December, you often hear the mentioning of Bitcoin at some point during broadcasts on news channels, just like when you were having dinner or lunch with loved ones during the holiday season. Everyone was all amped and hyped that Bitcoin is this new cryptocurrency that will be the solution for all the issues such as transaction decentralization, security, and even provide a means to revise your retirement schedule to an earlier year. Much enthusiasm and positivity surrounded Bitcoin and cryptocurrencies as easy money making opportunities.
But this is not how things worked out. Right after the CME Group and CBOE started offering Bitcoin Futures on December 17th, the crypto-markets experienced one of the most tremendous declines in its history. Some crypto traders think that Bitcoin has declined because of these two firms.
Nonetheless, Brad Garlinghouse would put out a new theory via an interview with CNBC, saying, “I think [Bitcoin is] not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”
He would then infer that we might be at the cusp of equilibrium between the hype and buzz in the crypto-verse. This is as a result of crypto-traders and users realizing which coin and projects solve a real life problem instead of buying and trading due to hype just like the case during the infamous Tulips Mania in the 17th Century.
It is therefore with the above comments by Garlinghouse, that it is safe to say that due to other projects ‘stealing’ the show in terms of solving real life problems rather than being a speculative store of value is the reason why the hype of Bitcoin is fading away.
So will Bitcoin die a natural death?
Bitcoin will still be significant for some time in the crypto-verse. Predicting its exact time frame is impossible for this industry is still in its infancy. What the reader needs to be reminded is that the future of crypto-verse lies on crypto traders, HODLers, users, and investors of ICOs. This means that the fate of Bitcoin is in fact in our hands. Is Bitcoin’s hype and influence decreasing? Arguably, yes. Will Bitcoin completely disappear in the near future? Not necessarily. If there would be more improvements in Bitcoin and the cryptomarket as a whole, Bitcoin could go back to the spotlight and rocket to the moon once more.