We all remember the bull run in summer 2017.
Oh, what a summer.
When times were simpler.
No pandemic and Despacito was number one.
Anyway back to crypto.
In summer 2017 we saw the crypto market peak, having $20,000 per bitcoin in late-2017.
Then we saw a huge drop in the price to lows of $2500 area at the end of the following year.
So what happened to cause this?
For us to understand this we need to understand how it got to $20,000.
This was all because of speculation and media attention.
Everyone saw crypto as this get the rich quick scheme.
Yet, that is not what it is.
What happened when a bubble formed in the market and the prices were driven up to all-time highs and eventually the bubble popped and down it went?
The first bull run was all due to the speculation in the market.
However, you can’t do the same trick twice.
We will not have a bull run based on speculation.
We need something different.
This leads onto the title.
In the three years from 2017 to 2020, we have seen so much change in this industry.
The main key thing is that now we are seeing utility in crypto.
People can now start to use crypto in their everyday life.
We have seen the introduction of the CashApp.
This allows people to buy, sell and store Bitcoin using their mobile phone.
We are now starting to see PayPal get involved.
We are also seeing so many big players in the payments industry wake up and realise crypto is the future.
From this, we will not see another bull run based on speculation.
Whereas this time we will see one based on real worth and value of crypto.
This is good as it won’t create a bubble and will mean crypto prices will rise and stay at their prices.
This is because crypto now has solid foundations that allow people to use it and we will see more of these come about.
Whereas in 2017, we did not and that meant crypto at the time was in a bubble.
We have come a long way in such a short space of time and crypto is still in its infancy stage.
But, as Bitcoin enters its teenage years, I hope to start to see it crypto blossom into the thing we all dreamed of.
So strap in and let’s enjoy this journey.