Surprisingly (?), the market went down after the news about the Bakkt launch coming, and the same concerns the SEC decision everyone is expecting. While we waited for a positive decision, the market began to grow, now, when we know about its delay, it turns red. As if the cryptocurrency lost in value if it didn’t make friends with Wall Street.Even decide SEC in BTC’s favor, why is everyone so sure that it will have a good impact on the industry? Because everyone believes that last year’s history with futures will repeat, but we should also take into account the fact that the market has changed in this year.
The inflow of institutional capital means increased control. The CEO of ICE says, for example, that BTC needs, quote: “rules and trust”, end quote. And it is implied they can offer it. Sounds ironic, if you recall Bitcoin was developed not least in response to the traditional financial institutions’ loss of trust and in response to a violation of all conceivable rules. And the fact that they are now trying to control it, looks on the one hand, absolutely logical, and unpromising on the other.
Also, the level of enthusiasm in this regard indicates there are now too many people in the community who are interested in pure profit only, but not in the technical development of the industry.
A domino has fallen – the Turkish lira. The next victim of fiat decline. Central banks have run out of tools. More government currencies will continue to collapse. US dollar will grow stronger for a while, but ultimately will fall as well. What will people in the countries of fallen currencies do with their hyper-inflating paper money? Gold? Silver? Bitcoin?
Fellow hodlers, global Bitcoin adoption seems inevitable to me – its only a matter of time before these governments lose control of their currencies. The outstanding national debts are way too high, and the only way to pay this off is to print more and more money. Eventually, we will need a new global standard.
I honestly hope the Bitcoin price falls in the short term so I can collect me some Satoshis on the cheap. If you want some hopium in these down times, consider how much Bitcoin has grown compared to the “market cap” of national currencies. It’s long slow growth thats been going on for a decade. I actually think that, as government currencies continue to fail, most people will flee to gold/silver before moving to Bitcoin. I’m personally preparing for this lull in price to continue all the way until 2020 – similar to the depression length after the late 2013 Bitcoin boom and bust (check out this chart: [https://coinmarketcap.com/currencies/bitcoin/](https://coinmarketcap.com/currencies/bitcoin/)).
But hey, who knows what will happen. What do you think?
Announced on Tuesday, the [funding round](https://www.marketwatch.com/press-release/axoni-announces-32-million-series-b-funding-led-by-goldman-sachs-and-nyca-partners-to-expand-blockchain-offerings-2018-08-14) was led by Goldman Sachs and Nyca Partners and featured investments from major financial industry firms such as Wells Fargo, JPMorgan, Citigroup, and Franklin Templeton. The funding round also included more conventional blockchain investors, including Digital Currency Group, Andreessen Horowitz, and Y Combinator.