2018 – The Year of the Bears
It started with a massive hype train. Everybody was making mad gains and token prices shot through the roof. Any kind of ICO was getting money thrown at them regardless of the obvious schemes. Suddenly there were thousands of tokens and whitepapers, each promising to be a better copy of the previous clone. But why not take the risk? We all know what happened to Ethereum in previous years and everything Blockchain related really seemed to be ready for massive adoption and clear-cut industry disruption. Fast forward to the other end of 2018 and the dust has really settled. Most projects have lost 90% of their value and the hype with it. The media was right, and I’m talking about the headlines and predictions that circled in December 2017. “Bitcoin is a bubble. Tulip mania…”
Many old-school investors publicly said to stay away from Bitcoin and cryptos. I guess they have been watching the rise of new and disrupting asset classes before. How the media managed to grab those headlines I have no idea – even my local radio station was warning people to stay away from Bitcoin! Strange times indeed… But, all of this is purely related to money. The old school investors are looking for the right moment to enter the market to make a profit. As a matter of fact, most of the talk has been about making or losing money. One thing is to be remembered though: Bitcoin and Blockchain were not invented to make somebody profit. They were meant to disrupt industries, banks and governments.
Therefore it is with ease I write that computer geeks from mom’s basement won, and Bitcoin, blockchain and everything related is definitely here to stay. 2018, despite the bear market, has seen a rise in all aspects. The demand for blockchain developers is growing and the number of CEO’s either implementing or considering to implement blockchain technology in the near future is growing faster than ever. The overall consensus is very different from a year ago and I would dare to stay it looks really healthy at the moment. The prices are maybe stagnant for now, but development certainly is not.
And this is just the tip of the iceberg. Nobody knows what 2019 might bring, but we all know what the future will bring: technological advancement. Maybe even a bull market! Let’s all learn something from this past year and move on to the next with our heads held high. It doesn’t matter if you’re an enthusiast, investor, speculator, trader, developer or a CEO. We believe 2019 might be the best year yet. Happy New Year to everybody from all of us at The Energy Bit! Stay happy and healthy!