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Thanksgiving Bitcoin Reflections: Where to Next Year?

In the US, Thanksgiving is an important time of the year for reflecting on the fortunes of the past 12 months, and perhaps a time when one gives a thought to some of the things that perhaps didn’t go so well.

For those Bitcoin enthusiasts sitting around the Thanksgiving dinner table, it is perhaps the latter that is hard to simply shrug off with a slice of turkey, particularly if you happen to be one of those big investors in the cryptocurrency market.

The dinner table discussions in November of 2017 would have, needless to say, been a bit more animated and full of hope. Then, Bitcoin’s launch into the stratosphere hadn’t actually happened, nor was there any indication that it was due for take-off. By mid-December, it was almost up to the USD 20,000 apex which investors fondly reflect on today when discussing the currencies rise and rise… and subsequent fall.

Kyle Asman, partner and co-founder of crypto advisory firm BX3 Capital, reflects on those heady days following Thanksgiving last year when he left a party gathering to use the bathroom and upon returning discovered that Bitcoin had shifted USD 2,000 in a matter of two minutes. He recalled:

“Before that, it was more of a closet thing… I remember that was the only time I had talked about it at my Thanksgiving table — some described it as digital gold, others as a new form of money.”

The dinner table conversation this year will be one of regret and missed opportunities but also, conceivably, of some hope that Bitcoin can be revived from its current dip, as it hovers above USD 4,000 for the first time in 13 months.

Bitmart, a leader in cryptocurrency and Bitcoin mining hardware supplies in Africa, is offering an early Christmas gift to users to try and boost the interest of investors before the festive season, by offering lottery tickets to new users for half-priced Bitcoin. The company is pre-empting the rise that many investors are expecting once regulation is standardized, ETF is accepted and institutions move their money into Bitcoin.

It is also worth reflecting that cryptocurrencies are not simply about their monetary value but what they can bring to the global financial system in terms of functionality and efficiency. For this reason, Bitcoin is here to stay. And fortunes do change, as was seen post-Thanksgiving 2017.

 

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