The Media Has Declared Bitcoin Dead 455 Times
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One of the worst things about a down market is the news headlines.
They’re written to prey on your fears.
They’re particularly bad for crypto.
Since it’s a new technology, outlets are quick to declare it useless or dead at the first sign of a drop.
There’s actually a website that tracks bitcoin obituaries.
It tallies sensationalized headlines and articles on bitcoin.
For example, “BTC Is Worth Exactly Zero” and “Crypto Is Dead” are two articles it has archived.
And according to its records, bitcoin has “died” 455 times.
Don’t believe these articles.
Crypto isn’t dead.
In fact, it’s bigger and better than ever before.
The World of Crypto Is Way Bigger Than You Realize
So why has bitcoin’s death been greatly exaggerated?
Well, it all comes down to the fact that the media doesn’t truly understand crypto.
Let’s take a look at how they frame these articles.
The majority of them make it seem as though the entire world of crypto is just a few tokens, like bitcoin and Dogecoin.
Once an article sets up this premise, it’s easy to push the idea that if these few tokens go to zero, all of crypto collapses.
But this is a ridiculous idea.
The world of crypto is much bigger than bitcoin and Dogecoin. And it’s much more mainstream than most people realize.
Here are three examples:
- Cross-border payments.
When it comes to money transfers across borders, banks and transfer services charge an average fee of 6.38%.
Rather than pay these exorbitant fees, many people decided to embrace crypto.
With crypto, you don’t have to deal with a bank or transfer service.
Just send your crypto directly to the recipient in another country for as little as 0.1%.
There’s such a huge market for this service that Big Tech names are creating their own blockchain networks.
IBM even recently introduced the IBM Blockchain World Wire network for cross-border payments.
- Central bank digital currencies.
The concept behind cryptos is that there’s a digital ledger that keeps track of every transaction. And that ledger can’t be manipulated.
On top of that, they’re digital currencies that are much easier to use and transfer than cash or checks.
It’s not just the average person that finds this helpful.
Many central banks around the world love the idea of a centralized crypto.
There are currently 10 central banks that have launched a central bank digital currency.
And there are 67 central banks that are in the research and development phase, including the U.S. Federal Reserve.
- Supply chain logistics.
Accidents, disruptions and scams in the global supply chain cost $56 billion last year.
It’s nearly impossible to track goods and their condition while in transit.
A business doesn’t know if the items it ordered are in good condition until they arrive. That is, if they arrive in the first place.
In response, Microsoft is developing a blockchain network that can track goods from factory to store.
Information on the goods is added from multiple points on the supply chain. And the information is verified by the various participants on the network.
That means businesses can keep track of everything from an item’s quality to its precise location at any given time. And they can be sure it’s reliable information.
The Current Market Conditions Are An Opportunity
To declare the death of cryptos is to ignore all these use cases.
It also discredits the innovative crypto technologies that are being used to solve various problems.
For example, NFTs are currently being explored as a way to copyright creative works.
And blockchain tech is being developed as a solution for safely storing and transferring medical records.
Sure, down markets are tough.
But they’re also an opportunity to find cryptos that solve today’s biggest problems.
And it gives you a chance to invest in them at cheap valuations.
You can find out about some of these crypto ideas by checking out Ian King’s new presentation on Tuesday, June 28.
Research Analyst, Strategic Fortunes
From open till noon Eastern time.
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