2011 – “it’s a bubble” 2012 – “it’s a bubble” 2013 – “it’s a bubble” 2014 – “it’s a bubble” 2015 – “it’s a bubble” 2016 – “it’s a bubble” 2017 – “it’s a bubble” 2018 – “it’s a bubble” 2019 – “it’s a bubble”
As Wade Barrett would say, I’ve got some bad news:
Bitcoin is still a bubble.
Motion is Not Progress
For all the great things happening with cryptocurrency, it hasn’t taken off.
Bakkt, a planned cryptocurrency mega-exchange from the company that runs the New York Stock Exchange, still does not have U.S. regulatory approval and doesn’t know when, or if, approval will ever come, despite announcing a new launch date of July 2019.
For all its 6 million users, Brave browser doesn’t even crack the top 10 most-used browsers (and only a handful of advertisers use its cryptocurrency). Most of Ripple’s “clients” say they’re just testing the technology. Steemit remains in beta after three years, and Ethereum delayed a network upgrade until mid-2020.
IBM hasn’t exactly set the world on fire with its blockchain solutions. Factom is still a tiny Texas company. Many smaller cryptocurrencies continue to fall behind on their roadmaps. And when the heck will Cardano finish ADA?
On top of that, you have traditional investors and financial institutions entering the cryptocurrency markets. Yale, MIT, University of Michigan, Virginia’s Fairfax County pension fund, one of the Rockefeller family offices, and several other institutions have already publicly acknowledged they’ve bought a little cryptocurrency.
We also see traditional businesses entering cryptocurrency. Rakuten announced plans to open an exchange in Japan. Samsung, Facebook, and Telegram floated plans to create their own cryptocurrencies (JP Morgan created one earlier this year, and IBM has used XLM for a while).
I’m confident that will change with time, effort, and continued improvements. I see a bright future, but that’s not yet a reality. Let’s not get ahead of ourselves.
One thing’s for sure, though. If I’m right and bitcoin’s still a bubble, that bubble is still growing.
It never burst.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
About the Author: Mark Helfman is a former U.S. Congressional aide and cryptocurrency commentator. He is a top writer on Medium and Quora for cryptocurrency, finance, and bitcoin topics. His book, Consensusland, explores the social, cultural, and financial challenges of a fictional country that runs on cryptocurrency. Catch him at markhelfman.com.