This Week in Bitcoin 11.26.2019:
Each week, the Coinme Private Client team sends a weekly email, highlighting the top industry news and stories. Included in that email is “This Week in Bitcoin”, your guide to the state of bitcoin. Here’s the top news in This Week in Bitcoin 11.26.2019:
Wow-what a week for the bears and naysayers, to say the least. Bitcoin fell over 20%, and all major digital assets followed suit, leading to one of the worst weeks in the history of digital assets. This was the fourth consecutive negative week, and the first time this has occurred since July/August 2016 when Bitcoin sold off 16% over a 4-week stretch. We’ve been here before, and will likely be here again. While many professionals have dedicated their lives to this new industry and remain as bullish as ever, most of us are not naive. As investments, we understand that digital assets can be highly volatile. It can be scary and frustrating including many to jump to the conclusion, “Bitcoin is dead”. Worth noting, following the 16% sell-off in 2016, Bitcoin finished the following month up +7% and went on to gain 70% over the next four months.
So what is the correct approach?
Have you ever tried going a full day without using Apple, Google, Amazon, or Facebook? It’s nearly impossible (Facebook can be done easily, but Amazon, Google, and Apple are very difficult to avoid). Now, remember that 12 years ago, you could have easily gone a month without using any of these companies – AND Apple hadn’t even debuted the iPhone yet.
Technology, consumer behavior, and adoption curves happen fast, but are difficult to see at the moment. Regardless of whether or not digital assets help to replace this value creation remains to be seen, but to dismiss the possibility is risky. Innovation requires patience.
- In the early 2000s, purchasing goods “online” was not normal, now the upcoming “Cyber Monday” has a chance to outsell “Black Friday.”
- A cell phone used to be, well, a phone – and that was it. Today it can text, deposit a check, take a picture, post to social media, record a video, hail a taxi, be used as an airline boarding pass, send money, etc.
The point is the only thing constant is change. If you believe digital assets will be part of our future, then last week’s price action is a keen buying opportunity. What do you think?
Here’s the infographic for This Week in Bitcoin:
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