2018 proved to be a very rough year for the world’s leading cryptocurrency bitcoin. Back in December of 2017, the asset was almost touching the mark of $20,000 but now, it is down in the range of $3Ks. A drop that is more than 3 quarters since then. As the asset dropped significantly in December, the topic of bitcoin bubble getting burst became the chat of the town. Opponents of the asset also stepped forward launching their attack on it. But is it dead? Let’s get back to it in a while.
BlockPublisher recently got in touch with the founder of Elevated District Media, Michael Nye, as he shared his opinions regarding the world of cryptos and blockchain. Elevated District Media is essentially a media group that aims at helping projects, especially in the crypto space, gain traction on social media, build communities and brands.
Upon being inquired about his opinions regarding bitcoin and answering is it a digital asset or a global digital currency, Nye said,
Nye: “Both, I don’t think there’s a difference. I think it’s a store of value as well as a potential currency. I don’t think it’s like a currency that’s going to replace fiat but I think it’s an additional currency that can be utilized when you travel, go across borders. It can be utilized [by] people in like third world countries where they don’t have access to banking, things like that. Yeah, it has multiple different purposes and I also think it has like a store of value. Even though the price has fluctuated heavily over the last year or two, it doesn’t change the fact that it has a store value you know [it] has all the all the things that are necessary to be a store value in my opinion.”
As suggested by Nye, bitcoin can surely help to act as a reserve additional currency across the globe. But as the bubble burst recently, people started to question the credibility of the asset. People are questioning whether the asset is dead or is it going to rise again. Sharing his opinions regarding the bitcoin bubble getting burst, he said:
Nye: “Yeah one of them has. There [have been] multiple bubbles. We’ve already been through a few bitcoin bubbles you know and I’m sure there’ll be a few more bitcoin bubbles. It doesn’t mean that bitcoin is dead, it just means that there was a heavy price action for a period of time that made it very very overvalued, and then there was a extreme sell-off following that, that made it potentially undervalued, and that’s where we stand right now…[it is] a potentially undervalued area where some people want to say it’s dead, and that it’s gone, and other people want to believe that it has a future, and I’m one of those people that believes it has a future.”
Just because a bubble has burst, it does not specifically mean that the asset is dead. Things are pretty unclear as this space is still in its early stages. There are seemingly two factions, one that believes that the asset is now dead and done, and the other that believes it is going to be the future. As we move forward in time with developments being made at a rapid pace, it will be interesting to see which faction emerges out to be true.
SEE ALSO: The Bitcoin Bubble is Sure to POP!