Roger Ver, the CEO of Bitcoin.com also known as Bitcoin Jesus, recently appeared at CNBC’s Future of Money Conference to speak about Bitcoin [BTC] and Bitcoin Cash [BCH]. He also spoke about his early entry into the blockchain and cryptocurrency space, calling himself the “first investor in Bitcoin and blockchain ecosystem”.
He began by speaking about how he was a successful entrepreneur before he got involved in the space, saying that he gave up everything, completely ignored his previous job and dropped everything in his life to focus on Bitcoin full time. This was around the time when Bitcoin was around $1 each, going on to say that it’s important to focus on “that sort of idea”. He further went on to say that speculating on different assets was not what the space was about.
He quoted Brian Armstrong, the CEO of Coinbase, where he said that digital currency may be the most effective way to increase economic freedom. He elaborated:
“If this happens the implications are profound. It could lift many countries out of poverty, improve the lives of billions of people and accelerate the pace of innovation in the world. Those are some pretty exciting goals to be working towards and the fact that digital currency may be the most effective tool we have to achieve those goals makes digital currency really really really exciting.”
Ver further said that economic freedom matters are those with it will have a higher per capita income, which further translates into higher life expectancy, higher literacy rates, 10% improved environmental protection, fewer wars, and violent conflicts and higher happiness of citizens.
He further correlated the standard of living with the amount of entrepreneurial dynamism, as having economic freedom would directly translate to innovators being free to do so. He offered examples of Apple, Samsung, and IBM that brought “wonderful” and “amazing” technologies to the masses.
Quoting the example of an eternal competition between the Samsung and Apple, Ver stated that there was really no competition in the money system until cryptocurrencies emerged. Ver elaborated:
“Thanks to the invention of cryptocurrencies. We’re seeing competition in the marketplace of the issuance of money and for the first time in human history in modern history. Wwe’re seeing a separation of the issuance of money and the state.”
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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