…[A] trough of disillusionment has temporarily captured Bitcoin, the blockchain, and their derivatives…We think that cryptocurrency will remain in the trough for some time, but there are many reasons to believe that a robust foundation is being built for this technology. [This infographic provides] 5 reasons to be bullish on Bitcoin.
The edited & abbreviated commentary* in this article comes from a post by VisualCapitalist.com and the infographic** comes from holytransaction.com.
Here are five reasons to be bullish on Bitcoin:
- Venture capitalists continue to invest in Bitcoin. In 2015, $1 billion was invested in startups focusing on the technology, a 300% increase.
- Daily transaction volume and users continue to increase. There are 10,000 new users every day.
- Bitcoin has been declared dead by media 72 times, and it has survived 48 scandals. Resilience is key.
- Blockchain technology has been proposed for use in 90+ different purposes, ranging from networks of ownerless, self-driving cars to financial derivatives. By the way, the big banks announced even they are using blockchain technology for payments.
- There are now 29 bitcoin-friendly nations.
*Commentary from: http://www.visualcapitalist.com/heres-5-reasons-to-stay-bullish-on-bitcoin/
**Graphic from: https://holytransaction.com/page/5-reasons-you-should-be-bullish-on-bitcoin
For any retail investor looking at technology opportunities, identifying just where various technologies are in their respective development (how much work is still to be done to bring the ideas to fruition) and, as such, when each of them will become realities, is imperative. Our Hype Cycle graph does just that. Take a look.
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This infographic neatly covers many interesting bitcoin facts in a digestible form. It not only shows the versatility of the bitcoin market, but it also captures the difference of opinion on crypto-currencies: many embrace the technology, but some institutions show signs of hostility.
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