In the face of adversity the weak tend to crumble and waste away. However the strong withstand the struggle, thrive past it and carry on regardless. At the moment Bitcoin is being tested. The world is throwing obstacles are the cryptocurrency. Leaving its developers to fight for new ways to prove that the currency is viable. And its followers and those hopeful are reaping the benefits for standing their ground through this hard time.
The Crypto Struggle
IN the recent months Bitcoin and other cryptocurrencies have had an increase in media coverage. Bitcoin in particular had a very rapid climb in the stock market around the world. But then a split occurred into Bitcoin Cash. And then governments around the globe started looking into regulation. China banned exchanges of Bitcoin, while allowing over the counter trading. Even banking companies weighed in their opinions; and for the most part it was all negative.
Refusing to fail
Yet despite these struggles and those against it; Bitcoin has continued to prove itself. At its lowest point in the crash Bitcoin priced at just under 3.4 thousand USD. This marker was established when the Chinese government cracked down on the exchanges September 14th. But a week prior the slide started for a whole different reason. Stock had grown, investors were scared; the record setting 5k was reached. And then people played it safe and sold investments. From about 5 thousand stock dropped to 4.2 thousand. And then Jamie Dimon proclaimed the currency a fraud. 4.2 thousand turned into 3.4 thousand; but then the best thing possible happened.
The stock started to grow once more. Yesterday the stock reached the level it was at before Dimon had his harsh words. Bitcoin was priced at 4.2 thousand on the US markets, which has since then dropped slightly.
Bitcoin is resilient. Its founders, makers, and supporters show no signs of giving up on it; they only dream of making it better. This goal remains true regardless of how many hard forks occur. Every miner and programmer wants to succeed, otherwise they wouldn’t be involved. Bitcoin will continue.