cryptodailytrading.com

Will Bitcoin Price Push Crypto Market to Reach Mass Adoption as Bullish Momentum Grows?

  • Jack Thomas
    🤷 Opinions

    Coinbase CEO Brian Armstrong wants crypto to have its ‘iPhone’ moment – will a second big price rally push Bitcoin into mainstream adoption?


Will Bitcoin Price Push Crypto Market to Reach Mass Adoption as Bullish Momentum Grows?
You may also like:
Contents

It is well known that cryptocurrency, and Bitcoin in particular, rose to be in the mainstream after it hit headlines as an investable asset that was returning massive gains for early adopters. The price rally towards $20,000 in December 2017 gave rise to a growing blockchain and cryptocurrency space.

However, since the bear market of 2018, a lot of the adoption and excitement has fallen back. Adoption as a mainstream currency, asset, or even technology was certainly curtailed when the price fell to lows of $3,000 a year on from the all time high.


However, a new rally is brewing at the moment, and with all the talk of crypto spring, it seems that the summer of crypto in 2019 will soon be on us as Bitcoin has now settled above $5,000. But, if this rally is another big one, could it be big enough to cause critical mass of mainstream adoption of Bitcoin?

Coinbase waiting for the ‘iPhone moment’

Brian Armstrong, the CEO of Coinbase and one of the big drivers for mainstream adoption of Bitcoin and other cryptocurrencies as a form of payment, is waiting for the likes of Bitcoin and others to hit their ‘iPhone moment’.

It should work like WeChat,” Armstrong said in an AMA on Youtube. “Where when you go to the app, it already knows who you are and it has your payment method already attached and with one tap you can then complete an action or complete a payment and so we need to get that usability, just simpler and simpler and simpler, kind of like having the Netscape moment or the iPhone moment for crypto.

This factor Armstrong is looking at is the general ease of usability of cryptocurrency, but he also believes that there needs to be advances in scalability:

We need to get crypto to be not just you know complete 5 – 10 – 20 transactions a second but on the order of 500 a second to 5,000 a second to really be at like PayPal or Visa levels. That would allow us to get say an app with a hundred million people using it in crypto so scalability is the second one.

Additionally, for Armstrong, there needs to be an end to wild volatility, which has plagued the market for so long.

The other thing is going to help with that volatility is just more and more real use cases in the world happening so that these crazy bubbles that go up and down and all the speculation in crypto will kind of get dampened out if we drive the utility phase.

Double-edged sword

The last assertion of Armstrong’s is an interesting one as it was the upward volatility that helped push Bitcoin into the mainstream light, and with that came the interest in blockchain and other crypto projects.

Thus, by his insinuation, he would not like to see another impressive rally from Bitcoin and let its price spike widely to levels above $20,000 as he believes that volatility is not conducive to mass adoption.

This is a double-edged sword because on one hand, he is right – mass price spikes only incur speculators, but without them, interest dies.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!
👓 Recommended articles

Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?


Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?
You may also like:
Contents

On a day where the markets are predominantly in the red, but only slightly, it is interesting to note that Binance Coin is surging. The exchange token is up fiver percent, but it is totally understandable as to why there is so much positivity around the company.

The biggests news, which comes off the back of its decentralized platform, Binance DEX, is that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.


This means that Binance Coin will be shifting away from Ethereum, leaving questions open as to what this means for Ethereum, which has been under the pump to stay relevant in today’s crypto and blockchain space. This move will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance chain.

A positive investment

All the good news emanating out of Binance has not only helped the coin to climb in price when the rest of the market settles down – it is helping it head towards a new all time high. Binance, like many altcoins, reached its ATH in January of 2018 in that parabolic stage.

Binance Coin hit $24 back then, and now, it is at $21 and rising with the thoughts being that when the mainnet move takes place, there could well be an even bigger surge. It is also interesting to note that just a few months ago, at the end of last year, it hit lows of $4.50.

Competing with Ethereum?

The mainnet move is obviously good news for Binance, as the markets are suggesting, but is it equally bad news for Ethereum, which was the holder of $3 billion thanks to the exchange. Many people have speculated that this new blockchain platform will pose competition to Ethereum, but ultimately it will help diversify Binance Coin’s use cases while also increasing its utility.

So perhaps rather than being a direct competition to ETH, it is only going to strengthen Binance Coin and in doing so perhaps spell out the future of cryptocurrencies as there is good reason to believe that this token, with its added utility and use cases, will be a viable token for the world going forward.

Cover image via 123rf.com
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles