smiling family with turkey celebrating thanksgiving day at home
Last Thanksgiving a lot of crypto enthusiasts were forced to eat crow instead of turkey.
After all, many friends and relatives bought bitcoin or ether after first hearing about it over dinner in 2017. While most were not expecting to retire on these investments overnight, they also did not foresee the bitcoin price dropping 80% (from $20,000 to below $4,000) in the next twelve months.
This years conversations might still turn acrimonious, but they will likely have more to do with President Trumps impeachment hearings, the 2020 election, or the perilous state of the global economy.
That said, there is still much to discuss regarding crypto. Here is what everyone should know before they sit down for that 2:30 pm dinner.
The Price of Bitcoin, Ether, and other Crypto Assets Are Rebounding
If your Uncle Charlie was unfortunate enough to buy into the market in late December 2017, he is probably still licking his wounds. However, most people probably do not realize that the prices of bitcoin and ether have at least doubled since their nadirs at the end of 2018.
The bitcoin price has risen from slightly above $3,000 to $8,300 today
Ethereum has moved from $84 to just above $175
These gains may not make everyone whole, but they are encouraging.
Additionally, there is a significant increase in institutional interest in the space, lending platforms continue to expand, and financial markets are diversifying into products such as derivatives. All of this will add transparency, reduce fraud and arbitrage opportunities, and make regulators happy.
Crypto is in the Spotlight like Never Before
In what was probably beyond Bitcoin creator Satoshi Nakamotos wildest dreams, bitcoin entered the presidentialtwittersphere. On July 11th President Trumpdirected a series of tweetsat bitcoin, libra (Facebooks coin i.e. Zuck buck), and cryptocurrencies writ large, dismissing them as unregulated assets with no innate value or use cases other than to support illicit activity.
The president has almost 67 million followers on Twitter, and the reach of these quotes is far higher when one takes into account press reports and shares. To people who avoided the 2017 hype, this was bitcoins coming out party.
It is almost irrelevant that the posts cast crypto in a negative light because:
Crypto represents a threat to the U.S. dollars global dominance, which has been a driver of U.S. economic prosperity for decades. It is also useful when it comes to sanctions. If President Trump made a statement, it was likely going to be negative.
Most observers recognize that governments are risk adverse, especially when it comes to money
If President Trump felt it necessary to tweet about bitcoin, Libra, and crypto he must feel that there is more substance than smoke
And now 67 million people are curious.
Mark Zuckerberg Became the Hero Crypto Deserved, but not the One It Wanted
If the presidential spotlight wasnt bright enough, Facebook founder and CEO Mark Zuckerberg brought it into solar-eclipse territory when the company announced its stablecoin initiative, Libra, in June. (For readers unfamiliar with stablecoins, they are a novel form of crypto asset that is designed to maintain a constant peg to an asset such as the U.S. dollar. Libra will actually be pegged to a basket of global reserve currencies).
The announcement was widely criticized amongst regulators and populations around the world for a couple of reasons.
The Facebook CEO, Mark Zuckerberg, testified before the House Financial Services Committee on ... [+] Wednesday, October 23, 2019 Washington, D.C. (Photo by Aurora Samperio/NurPhoto via Getty Images)
There remain multiple legitimate questions about how Libra will operate as an open platform yet remain secure and compliant with global sanctions and relevant regulations
Facebooks reputation is at an all-time low, much of it stemming from incidents such as the Cambridge Analytica scandal and growing concerns about the companys privacy policies. So why would anyone want to now give the company access to their financial data?
Mark Zuckerberg actually acknowledged the irony of the Libra announcement when he testified in front of Congress this fall. In his opening statement he said, Im sure people wish it was anyone but Facebook putting this idea forward.
It remains to be seen when or if Libra ever gets off the ground, but regardless Facebook did crypto a favor. It again highlighted how the current financial system has failed to onboard the 1.7 billion people who are unbanked, underscoring one of cryptos main value propositions.
Now More than Ever, Crypto Represents a Port in the Storm
Though U.S. markets may seem a bit erratic, the global economy is teetering on the brink of another recession. Citizens in the European Union and other countries around the world such as Japan, with negative interest rates are actuallypayingbanks to hold their money and lock-in their losses rather than watch their wealth wither away.
Dovish monetary policy from banks around the world, such as quantitative easing programs and further interest rate reductions may prevent a global recession, but they are unlikely to lead to create a thriving global economy. At least in the near term.
Although bitcoin, ether, and other forms of crypto have some correlation to global markets, they represent the building blocks of a new global economy and model of wealth creation that is decoupled from central banks and monolithic companies.
This suggests that they will clear their own path, one which is more equitable and transparent than the world in which we live today.
To 2020 and Beyond
Even though crypto has been around for 10 years, it is fair to say that we are still in the second inning. Or as Winston Churchill once put it, Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.
The industry is recovering from the 2018 bear market, and trends are looking up.
- Bitcoin: Why You Need It - Forbes - December 7th, 2019
- Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement - newsBTC - December 7th, 2019
- If Bitcoin Looks Like It Isnt Trading, Its Because It Isnt - The Wall Street Journal - December 7th, 2019
- Facebook, Yahoo, And MSN Users Warned Over Serious New $250,000 Bitcoin Scam - Forbes - December 7th, 2019
- Bitcoin price prediction: BTC/USD consolidates its position above the $7,500-level - FXStreet - December 7th, 2019
- The North American Bitcoin Conference Returns - Bitcoin News - December 7th, 2019
- Almost $9 Bln in Bitcoin Transferred, Reports Whale Alert, XRP Can't Do That, Bitcoiner Says - U.Today - December 7th, 2019
- Bitcoin battered: The worst crypto catastrophes of 2019 - ZDNet - December 6th, 2019
- Theres Something Very Strange Going On With Bitcoin Futures - Forbes - December 6th, 2019
- Ethereum (ETH) Flirts With Key Resistance, Bitcoin Up 3% - newsBTC - December 6th, 2019
- Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening - U.Today - December 6th, 2019
- Now Is One of the Top 3 Greatest Buying Opportunities for Bitcoin: Analyst - CCN.com - December 6th, 2019
- Bitcoin's bumpy revolution may be only just beginning - The Independent - December 6th, 2019
- Bitcoin (BTC) gets $500 more expensive in a matter of minutes. Whales behind the move? - FXStreet - December 6th, 2019
- Florida company headquarters relocation stalled after Bitcoin bust - Orlando - Orlando Business Journal - December 6th, 2019
- Billionaire Ray Dalio on Bitcoin and Stablecoins: Possibly Never - U.Today - December 6th, 2019
- The Cryptocurrency Market Update: Bitcoin is in recovery mode ahead of the weekend - FXStreet - December 6th, 2019
- Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky - newsBTC - December 6th, 2019
- Bitcoin Trades Range-Bound As Investors Wait And See - Forbes - December 5th, 2019
- Why a massive $9 billion of bitcoin moved in one hour - Decrypt - December 5th, 2019
- Prominent Investor Says Halving Won't Have a Big Impact on Bitcoin Price, Here's Why - Forbes - December 5th, 2019
- Crypto Is UnstoppableIs Bitcoin Really On The Cusp Of A Huge Santa Rally? - Forbes - December 5th, 2019
- 70 cryptocurrency hedge funds have closed so far this year, investors weary of Bitcoin - The Next Web - December 5th, 2019
- How the bitcoin market always overreacts - Decrypt - December 5th, 2019
- $60 million liquidated as Bitcoin pumps 8% in three minutes - Yahoo Finance - December 5th, 2019
- Bitcoin To Spend 2020 In Accumulation Mode, Ideal Buy Zone - newsBTC - December 5th, 2019
- Four Bitcoin lost on the Lightning Network finally recovered - Yahoo Finance - December 5th, 2019
- Danish bank staff banned from buying Bitcoin with their own money urged to dump holdings - The Next Web - December 5th, 2019
- Watch the first-ever bitcoin TV commercial launched in France - Fox Business - December 5th, 2019
- Peter Schiff on Bitcoin Price Drop: "Pump-and-Dumpers Are Losing Their Mojo" - U.Today - December 5th, 2019
- Is Bitcoin a better investment than gold, oil and stocks? - Decrypt - December 5th, 2019
- Bitcoin Blasts Past $7,500, but Bulls Are Not Out of the Woods Yet - U.Today - December 5th, 2019
- Bitcoin Price Prediction: BTC/USD recovery stalled at $7,400 Confluence Detector - FXStreet - December 5th, 2019
- 24 Chinese nationals arrested in Thailand over alleged Bitcoin call center scam - The Next Web - December 5th, 2019
- Single Bitcoin Block Moves Funds the Size of Satoshi's Stash - Bitcoinist - December 5th, 2019
- Bitcoin (BTC) Relatively Muted, Signs of Further Weakness - newsBTC - December 5th, 2019
- Top 3 price prediction Bitcoin, Ethereum, Ripple: The calm before the storm - FXStreet - December 5th, 2019
- Bitcoin Ponzi Scheme That Keeps Dumping BTC Blamed for Bearish Price Action - U.Today - December 5th, 2019
- Voyager Pays Out the First Month of Interest to Bitcoin (BTC) Holders - SludgeFeed - December 5th, 2019
- Is This Why Bitcoin, Ethereum, Litecoin, And Ripples XRP Suddenly Rocketed Over Thanksgiving? - Forbes - December 2nd, 2019
- Two Years of Upside? Bitcoin Yearly Candles Hint Explosive Price Growth Incoming - newsBTC - December 2nd, 2019
- Calvin Ayre Increases Investment in Bitcoin SV Ecosystem with Funding for sCrypt Smart Contract Venture - PRNewswire - December 2nd, 2019
- How the Upcoming Bitcoin Halving Compares to Previous Cycles - Bitcoin News - December 2nd, 2019
- BitCoin and Cryptoasset Regulation: Recent Cases from Canada - JD Supra - December 2nd, 2019
- Understanding the distribution of the crypto market: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano - FXStreet - December 2nd, 2019
- Vertcoin Network Sabotaged by Another 51% Attack - Bitcoin News - December 2nd, 2019
- Bitcoin Drops 4.53%, But Downtrend Has Cooled and Dominance is Now Heading Up | Coin Insider - Coin Insider - December 2nd, 2019
- Technical Weekly - Bitcoin bulls on thin ice; Altcoins mixed - FXStreet - December 2nd, 2019
- As Bitcoin Suddenly Bounces, A New Central Bank Crypto Rival Could End Evil Bitcoin - Forbes - December 2nd, 2019
- Here Are The Key Bitcoin Levels To Watch - Forbes - December 2nd, 2019
- Xi sees the future of China in the tech behind bitcoin - South China Morning Post - December 2nd, 2019
- How Bitcoin points to the future of decentralized protest - Decrypt - December 2nd, 2019
- Bitcoins Hash Rate is On the Decline; Heres What This Could Mean - Ethereum World News - December 2nd, 2019
- Sunday Digest: Bitcoin Price And Other Crypto News - Bitcoinist - December 2nd, 2019
- The reformation of Bitcoin - CoinGeek - December 2nd, 2019
- Bitcoin Has Wall Streets Love. But a Lack of Utility Means It Doesnt Have Investors. - Barron's - November 30th, 2019
- Bitcoin Isnt Dead But One Day You Will Be - Forbes - November 30th, 2019
- Bitcoin Could Be an Alternative to Endless Money Printing - BeInCrypto - November 30th, 2019
- Move Over Jack Dorsey And Elon Musk, Theres A New Bitcoin Believer In Silicon Valley - Forbes - November 30th, 2019
- Bitcoin Gets a Big Boost in Germany After Banks Allowed to Offer Cryptocurrencies - BeInCrypto - November 30th, 2019
- Bitcoin Cash can go up a thousand times from where it is now: 'Bitcoin Jesus' - CNBC - November 30th, 2019
- Bitcoin Gives the World Democratization of Savings Hedge Fund Exec - Cointelegraph - November 30th, 2019
- Zeitgeist and Bitcoin - Yahoo Finance - November 30th, 2019
- What the Fed Reserve's Balance Sheet Expansion Means for Bitcoin - Coindesk - November 30th, 2019
- Will Bitcoin Hit Peak Exhaustion in 2019 End? What Indicators Show - U.Today - November 30th, 2019
- Bitcoin Price Now Faces Its Do-or-Die Moment. Will It Drop to $6,200? - U.Today - November 30th, 2019
- Nobody knows what happened to this bitcoin exchange CEO - Decrypt - November 30th, 2019
- Forget the Noise; Traders Explain Why You Should Be Long-Term Bullish on Bitcoin - CCN.com - November 30th, 2019
- Bitcoin price: values show signing of recovery following slump - The Week UK - November 30th, 2019
- Bitcoin is hard to understand. So is its carbon footprint. - Grist - November 30th, 2019
- TV Host Refusing Free 100 Bitcoin Because Its Worthless Is Hypocritical - CCN.com - November 30th, 2019
- Bitcoin adoption to be driven by collateralized services: Max Keiser - AMBCrypto - November 30th, 2019
- Bitcoin Instead of Apartments: Director of Failed Property Developer Bought Crypto with Customers' D - U.Today - November 30th, 2019
- Bitcoins Bounce Bumped Into The Resistance - Yahoo Finance - November 30th, 2019
- Bitcoin Fell 50% From Its 2019 High. Has It Bottomed Out? - Forbes - November 26th, 2019
- Bitcoin price suddenly surges amid positive predictions - The Independent - November 26th, 2019
- Bitcoin is Screaming to Investors That Volatility is Inbound - Forbes - November 26th, 2019
- 4 Possible Reasons Bitcoin Dropped to $6.5K, According to VanEck Exec - Cointelegraph - November 26th, 2019
- Bitcoin has crashed again little wonder as it fails every test to be considered a currency - The Independent - November 26th, 2019
- Latest Bitcoin Cash price and analysis (BCH to USD) - Yahoo Finance - November 26th, 2019