Bitcoin (BTC) has experienced a rapid rise this year. This isn’t Bitcoin’s first experience of rapid growth, and it probably won’t be the last. However, this does not mean that other factors will not create instability in the market and somehow threaten the future of Bitcoin. Crypto analyst John Kiguru evaluates the crypto ecosystem and explains his predictions for Bitcoin.
“Bitcoin (BTC) has big businesses and the criminal community behind it”
On the face of it, Bitcoin is a very successful cryptocurrency. It was designed to function as a digital currency and is successful enough to put many of its competitors out of business. However, the stability of the digital currency is not necessarily a gift. In fact, Bitcoin’s growth is likely to continue to be hampered by the fact that its biggest advocates are the least beneficiaries of the criminal community.
There is a large community behind them for the survival and development of digital currencies. This community consists of various groups or a single group united by common interests or goals. The larger the community behind a cryptocurrency, the more successful it will be in achieving its goals. Currently, those behind Bitcoin are largely large businesses and the criminal community.
Big businesses see Bitcoin as a reliable way to transfer money to and from countries where they are not welcome. The criminal community, on the other hand, relies on their ill-gotten gains to help fuel these transactions. The criminal community is also instrumental in helping keep Bitcoin prices artificially high by hoarding the currency. These communities have a lot of power over Bitcoin’s price and wealth. Which makes them very interested in keeping BTC stable.
Bitcoin is not the only cryptocurrency that creates stability for its users. Litecoin also has a criminal community known as the “other dark web”, mostly made up of drug dealers and other criminals. The purpose of this network is to keep Litecoin prices high to keep competing cryptocurrencies out of the market.
Crisis situation: A roller coaster nobody wants
Bitcoin first started gaining traction in the early 2010s. There was a lot of talk at the time that its price was at a ‘tipping point’. Also, it soon reached a dizzying all-time high. The main idea was that crypto would eventually grow big enough to attract the attention of big businesses. Thus, they would then begin to purchase large quantities for their own use and use it as a currency. The idea was that this would cause the price of Bitcoin to rise even higher and regulators would sit down and take notice.
Big businesses have been quite skeptical about digital currencies for a long time after the enthusiasm has passed. They were more interested in lining their pockets than in dealing with Bitcoin fairly. This meant that when Bitcoin’s price peaked, there weren’t many people investing in it. Because they knew the profit would be close to zero. As a result, cryptocoin.comAs you follow, Bitcoin has been stagnant for a long time.
This has led many in the cryptocurrency community to believe it is artificial and has no real value. This mindset has many people believing that the price of Bitcoin will drop as soon as big businesses start investing heavily again. Unfortunately, this did not happen in an absolute way. Some big businesses have invested in Bitcoin. However, the number of companies that invest heavily in Bitcoin is still quite small. Also, the stability that the criminal community has brought to BTC has actually made it somewhat of a safe haven for criminals.
The war is not over: some dips are possible for Bitcoin in the near future
The criminal community was very opposed to Bitcoin’s growth. Therefore, he works behind the scenes to find ways to slow it down or stop it. Their stance towards Bitcoin is somewhat similar to that of central banks towards gold. They see Bitcoin as safe and durable. That’s why they protect him to use in their own nefarious activities.
The problem is, it’s not as secure and durable as big businesses or central banks expect. In fact, the widespread use of Bitcoin by criminals has been a major factor in the cryptocurrency’s plight in the eyes of skeptical regulators. As a result, there are many people in strong positions who are actively trying to stop Bitcoin from gaining further traction.
Conclusion
Currently, the Bitcoin price is only supported by the interest of large businesses and the criminal community. That will probably change if something happens to either group. If big businesses stop seeing the benefits of Bitcoin, it’s unlikely they will continue to buy. On the other hand, if the criminal community decides that Bitcoin is no longer secure, they are likely to hoard it for as long as possible before moving on to something else. But for now, Bitcoin’s price is rising again. That could mean something very good.
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