SpaceX ends year with successful launch

SpaceX ends year with successful launch

SpaceX’s launch Friday evening of a rocket carrying a batch of satellites into low-earth orbit caps a record year for the closely held company led by Elon Musk.

The mission from California’s central coast was Space Exploration Technologies Corp.’s 18th this year. That’s more than any competitor and far exceeds the eight it launched in 2016 before a September explosion grounded the company for the rest of the year while an investigation took place.

“SpaceX has had a phenomenal year, and they’ve motivated and inspired a lot of people as to what is possible,” said Eric Stallmer, president of the Commercial Spaceflight Federation, an industry group for the private space sector.

The coming year is expected to be even bigger. With three launch pads now at their disposal after repairing the one damaged in the September 2016 blast, Musk and Chief Operating Officer Gwynne Shotwell have said they expect to fly roughly 30 missions in 2018. That tally will include several missions for commercial satellite operators, military customers and the National Aeronautics and Space Administration using the Falcon 9 rocket — which powered all of this year’s launches — but also a planned expansion to include a larger rocket and crewed missions.

Big Year

Next year “will be the biggest year in the space industry since 1969,” Stallmer said, referring to NASA’s Apollo 11 mission to the moon.

Related: Trump Wants U.S. Return to Moon, Sets No Deadlines for NASA

The maiden flight of Falcon Heavy, SpaceX’s bigger and more powerful rocket that will let it compete for heavier U.S. military payloads, is slated for January. SpaceX is also expected next year to demonstrate the Crew Dragon spacecraft it plans to use to ferry astronauts to the International Space Station, first with an unmanned mission as soon as April and then with a crewed test flight in August. SpaceX and Boeing Co. both have contracts with NASA to deliver American astronauts to the orbiting lab as part of the “Commercial Crew” program.

“If you liked tonight’s launch, you will really like Falcon Heavy next month,” Musk wrote on Twitter early Saturday. “3 rocket cores & 3X thrust.”

SpaceX’s 2017 total fell just shy of the 20 to 24 missions it had been targeting for this year. Still, its rate exceeded that of any rivals competing for the same missions. Arianespace, based in France, has completed 11 launches in 2017. United Launch Alliance, a joint venture between Boeing and Lockheed Martin Corp., launched eight government missions on its Atlas and Delta rockets.

“SpaceX is now dominant in terms of launch volume,” said Marco Caceres, a senior space analyst with Teal Group Corp., an aerospace and defense market researcher. “They’ve established that they can launch more than any other program in the world, and they’ve established reusability. If they do 30 launches next year, it will be spectacular, but the big story for 2018 is Falcon Heavy and Commercial Crew.”

Rapid Reusability

SpaceX has made strides this year working reusability into its launch process. By landing, refurbishing and redeploying rockets and capsules in future missions, Musk’s company has been able to more closely emulate commercial airline flights and begin to lower space-access costs.

Related: Musk’s SpaceX Doubles Down on Method for Cheaper Launches

“They are No. 1 in terms of cost, and that’s why they are getting so much business,” Caceres said.

Friday’s mission from Vandenberg Air Force Base in California — which carried 10 satellites into orbit for customer Iridium Communications Inc. — reused the rocket booster captured after an earlier Iridium launch in June. SpaceX didn’t attempt to land the rocket after Friday’s launch for reuse.

Musk, 46, founded Hawthorne, California-based SpaceX in 2002. It recently added another $100 million to its latest fundraising round, which values the company at more than $21 billion, according to Equidate. Billionaire Musk is also chief executive officer of electric-car maker Tesla Inc.

SpaceX number of missions

Now read: SpaceX will launch a Tesla Roadster to Mars

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Tax Yes, Sars wants to track your bitcoin trades

Lack of third party verification data makes crypto profits a risk area.

The South African Revenue Service (Sars) is in discussions with some of the top technology companies in the world to enable it to track cryptocurrency trades more efficiently.

Interest in cryptocurrencies, like bitcoin, has risen significantly, but since the environment is fairly opaque, regulators around the world are still struggling to formulate a plan to deal with it.

The exponential rise in the price of bitcoin in particular poses a threat to Sars’ revenue collection efforts as it is largely dependent on traders’ own truthful declaration of profits. Financial institutions like banks are required to supply Sars with information on the investments of their clients for verification purposes, but in a crypto environment where such information is lacking, Sars may have to trust that a taxpayer made honest declarations with regard to crypto gains.

Dr Randall Carolissen, Sars group executive for research, says Sars is having discussions with its counterparts on how to track cryptocurrency trades.

“As you can imagine it is very difficult – the blockchain technology. Without revealing too much – we are talking to some of the top technology companies in the world that [are] doing similar work for Canada and the UK and we are hoping to get that technology.”

Sars is also strengthening its relationship with the South African Reserve Bank (Sarb) to look more critically at matching the flow of funds in and out of the country with the actual movement of goods as there is “room to hide things”, he says.

“At the moment, we are treating cryptocurrency in the same way as capital realisation – so in other words, it is like a Krugerrand. If you buy it at a particular point and you then sell it, you will be faced with a capital appreciation and then we will treat it as Capital Gains Tax.”

Carolissen says Sars is working through the Organisation for Economic Cooperation and Development’s (OECD) recommendations, which include quite detailed information on how cryptocurrencies should be treated.

He concedes that Sars hasn’t had any major declaration thus far.

“We were part of the OECD working groups and that has certainly been incorporated into our policy environment. So we are on top of it. In fact, South Africa is cited as one of the leading implementers of this cryptocurrency environment.”

Ruaan van Eeden, managing director for tax and exchange control at the Geneva Management Group, says the firm is receiving an increasing number of questions about the exchange control and tax treatment of cryptocurrencies.

In a position paper issued by the Sarb in 2014, the bank stressed that it did not oversee, supervise or regulate the virtual currency (VC) landscape, systems or intermediaries for effectiveness, soundness, integrity or robustness.

“Consequently, any and all activities related to the acquisition, trading or use of VCs are performed at the end-user’s sole and independent risk and have no recourse to the bank,” it said.

Van Eeden says the question of how crypto profits or gains should be dealt with is a subjective one, dependent on the facts of each particular case. Currently, most taxpayers deem it a normal asset class which is not held for speculative or trading purposes. It follows that any gains would likely be subject to Capital Gains Tax as opposed to income tax, however, this would generally be determined with reference to the intention of the taxpayer on acquisition or disposal of the asset.

Many bitcoin traders have made significant profits. This poses a risk to Sars as there may be uncertainty about the income tax treatment and, potentially, Value-Added Tax. Moreover, taxpayers may not have declared these profits at all, Van Eeden says.

As cryptocurrencies become more sophisticated, one should expect more stringent regulation, he adds.

How Mpho Dagada became a cryptocurrency millionaire

Entrepreneur, author and speaker Mpho Dagada (23) has always had business interests at heart, with his entrepreneurial nous inspired by his grandfather

Dagada nurtured his skills as he was growing up and at the age of 15 had already started his first informal business.

“My passion for success kept fuelling new business concepts. I learnt valuable lessons, which was necessary for my growth and the outlook I have on business today, learning day-by-day.

“The lessons I learnt and mistakes I made in the past are the foundation of my successful businesses,” he says.

Dagada’s interest in Bitcoin was ignited while he was in his first year at the University of Johannesburg in 2013.

He currently owns a logistics company, a chain of fast food restaurants and is in the process of developing the first black-owned cryptocurrency exchange platform.

While at university, he opened a laundry and cleaning services company, the profits of which he invested in Bitcoin.

“It all started with a desire to grow my monthly allowance and grew to encompass becoming an expert in the cryptocurrency market and industry,” he says.

He recalls that his business started when a lady asked him to buy her Bitcoin as she was not computer literate and couldn’t do it herself.

READ MORE: Feat of engineering: Mojalefa Mpele’s business journey

After acquiring it for her in 2014, he notices a sudden change in the price, which meant significant returns.

“I then started researching cryptocurrency and realised that it is a new technology when it comes to money. The vision, idea and objective of cryptocurrency became clear to me; I took an active interest, invested and continue to flourish in the cryptocurrency market,” he says.

Dagada has been able to hone his skills, nurture what he had learnt from the cryptocurrency market and make a great success of it.
He has since been able to teach and empower other people through cryptocurrencies, while also making significant profits from his investments.

“The implementation of cryptocurrency in daily business operations is also something I am very passionate about and I have had the pleasant experience receiving calls for consultation from business leaders in both the banking and corporate sectors,” he says.

He embraces the concept of “failing fast helps you grow” and emphasises that the journey of a successful business is a worthwhile challenge for those who do not give up.

Dagada believes there is nothing more fulfilling than being able to actively contribute towards economic development, employment and solving problems.

“Every obstacle faced and mistakes made in my journey thus far was a lesson to me.  Be alert and pay special attention along the way, take every lesson you get, and use that as a stepping stone to your next level,” he says.

He says some of the challenges in the cryptocurrency industry have been the lack of information and growing a business without any mentorship.

“With cryptocurrencies being an emerging market, I had to explain the concept and even go as far as breaking down pre-concept specifics usually to groups of sceptical people.

“I have always said challenges are specifically formed for you to take you to the next level, if you back down when a challenge comes your way, you are missing out on an opportunity to grow as an individual in your business,” he says.

He has tackled challenges on his journey and learnt that positivity is the framework of reality.

He has also consulted with experienced various businesspeople to get fresh perspectives.

“I continue to strive, to do better, and grow the cryptocurrency market through staying positive and applying mitigation along the way,” he says.

To expand his business, Dagada has started a logistics company and acquired fast-food chain restaurants, as he understands the growing pains which are expected in the early stages of the revolutionary cryptocurrency industry.

“Without any doubt, cryptocurrency is the future and we cannot change it. However when I made a good fortune through Bitcoin at theage of 21, I invested my returns wisely.

READ MORE: Luther Mochabe: Running a company while studying at 21

“I not only promote the buying and selling of cryptocurrencies, but am also involved in advocacy and training,” he says.

Dagada has participated in the prestigious Trep-Camp, which takes place at Stanford University in USA, following a stringent selection process. He got the opportunity to present his business concept to Silicon Valley investors and was given an award for being one of the top five pitches in the world.

He has penned Becoming a Millionaire at 21, in which he narrates his life story and journey of entrepreneurship.

“Focusing on my success with Bitcoin and the cryptocurrency industry, I also fundamentally touch on factors which shaped my genetics and understanding of business, taking into consideration environments one may encounter on your journey,” he says.

Bitcoin bounces back after biggest selloff since 2015

Bitcoin bounces back after biggest selloff since 2015

Bitcoin rebounded on Saturday along with most of the major cryptocurrencies, halting a four-day tumble that drew worldwide attention to the unregulated $500 billion market that’s frequently called a bubble.

The double-digit bounceback was strongest with second-tier digital coins. Bitcoin cash soared 21 percent and litecoin gained 12 percent as cryptocurrency traders regained optimism. They weren’t put off by comments published Saturday from a central banker in Germany that “the risk of rapid losses” is obscured in cryptocurrencies.

“The enthusiasm hasn’t been destroyed,” Marc Ostwald, global strategist at London-based ADM Investor Services International, said by phone from Warsaw. “It’s a volatile market, and investors are hungry for that. They say everything else is boring.”

The broad recovery on Saturday coincided with a pause in bearish news that had snowballed since Monday and shaved 24 percent off bitcoin’s value, its biggest four-day selloff since 2015. Comments by central bankers, a decision by litecoin’s founder to sell all his holdings and investors’ wishes to cut stakes before the holiday season fueled the plunge.

“With holidays approaching, some people want to step away from the table, and take their chips with them,” Ostwald said about the selloff. “Still, I wouldn’t want to put it down too much to rationality, because this is not a rational market.”

While bitcoin wasn’t the most volatile crypocurrency in the past week, it’s the largest, and it shook the world of digital-coin trading on Friday when its interday plunge reached 30 percent. That was the steepest dive since Jan. 14, 2015, back when its market value was just $2.4 billion. On Saturday it was about $260 billion.

Bitcoin advanced 10 percent to $15,530 at 4:21 p.m. New York time on Saturday, compared with 24 hours earlier, according to data on coinmarketcap.com.

In a late-week comment that undercut confidence, Michael Novogratz, the former Goldman Sachs Group Inc. and Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund. He predicted that bitcoin may extend its plunge to $8,000. Earlier this month he predicted it could reach $40,000 within a few months.

For a look at whether Goldman is building a cryptocurrency trading desk, click here.

Growing pains in the digital-coin world and warnings emerged all week, adding to volatility.

Coinbase, one of the larger trading platforms, on Friday said all buys and sells were temporarily unavailable before they were re-enabled, according to its website. There were no incidents reported Saturday.

In South Korea, Yapian, the owner of bitcoin exchange Youbit, said Tuesday it would close and enter bankruptcy proceedings after a cyberattack that claimed 17 percent of its total assets.

‘Bitter Losers’

There’s been a string of warnings by regulators for investors in digital coins.

“We are seeing a rapid rise in value, which hides the risk of rapid losses,” Bundesbank board member Carl-Ludwig Thiele said in a Euro am Sonntag report. He said there is a wide debate going on about the use of digital central-bank money in a closed system, but that he doesn’t currently expect it’s introduction.

Felix Hufeld, president of German banking supervisor BaFin, advised consumers that trading in bitcoin would produce “bitter losers” and could result in a “total loss,” in an interview with German newspaper Bild.

EU Warning

That echoed comments three days ago by the European Union’s financial-services chief, Commissioner Valdis Dombrovskis, who asked the heads of the EU’s three financial supervisors to update their warnings to consumers “as a matter of urgency” in light of recent market developments, according to a letter seen by Bloomberg.

In past years, central banks and the commercial lenders they oversee have made strides to curb money-laundering through greater transparency rules, only to see anonymous transactions explode in the nascent cryptocurrency industry — under names like Verge and Zcash. Their admonishments this month haven’t stopped double-digit rebounds.

“Huge rises and sudden, spectacular setbacks wouldn’t surprise me going forward,” ADM’s Ostwald said. “The worry is going to be, at some point, the pips are going to start squeaking. Retail investors losing money will ask, ‘Why aren’t you intervening to help me? And the answer is going to be, ‘Well, this is a casino. On your head, be it.’ ”

Bitcoin December 2017 rollercoaster

Bitcoin Price Has a $400,000 ‘End-game’: Research Analyst Ronnie Moas

Independent market research analyst Ronnie Moas said that he believes the bitcoin price has the potential to reach a long-term target of $400,000.

Bitcoin Price Has Six-Figure Potential

Moas, the founder of Standpoint Research, has been recommending bitcoin since July when it was trading at $2,600. At that time, Moas set his 2018 bitcoin price target at $5,000. That may have seemed like a bullish target at the time, but bitcoin has exceeded it — several times over — causing Moas to revise his forecast upwards multiple times.

bitcoin price
Source: CoinMarketCap

Over the weekend, the bitcoin price briefly touched a global average of $20,000 — a mark Moas had originally believed the flagship cryptocurrency would not reach until 2020. At the time of writing, the bitcoin price was trading at $18,612, according to the CCN price index.

However, despite its breakneck pace in 2017, Moas believes the bitcoin bull market has the legs to continue into the six-figure range, even if it does encounter temporary dips along the way.

“The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world,” Moas told CNBC’s “The Rundown.

“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin,” Moas added, explaining the justification for this optimistic outlook.

Bitcoin Futures a ‘Celebrity Endorsement’

As CCN has reported, much of the recent rally can be attributed to the introduction of bitcoin futures on U.S. exchanges CBOE and CME, which should help cryptocurrency shed its taboo status among Wall Street investors. Some analysts, though, predicted that institutional investors could trigger a bitcoin price crash by shorting the futures. Nevertheless, that has not happened — at least during the futures contracts’ debut phase.

In any case, however, Moas said that he was “really not too concerned” about the nascent bitcoin futures markets, arguing that they serve as a “celebrity endorsement” of bitcoin but will not have a significant impact on the asset’s price over the long-term.

Featured image from Shutterstock.

30 People Who Were Really Wrong About Bitcoin

“The horse is here to stay but the automobile is only a novelty – a fad.” So scolded a bank president in 1903, warning Henry Ford’s lawyer not to invest in the motor company. 80 years later, inventor Marty Cooper predicted: “Cellular phones will absolutely not replace local wire systems.” And, 30 years after that, a string of “experts” emerged to dismiss the latest tech – Bitcoin.

See also: He’s Back! Jamie Dimon’s JP Morgan Chase Ponders Bitcoin Futures Move

The Dumbest Bitcoin Predictions Ever Made

Every disruptive piece of technology attracts its haters and sceptics. Some people just don’t get it, some don’t want to, and others dismiss it out of self-interest. Just this week, former U.S. Federal Reserve chairman Al Greenspan declared: “Bitcoin is not a rational currency.” This is coming from the same man who, in 2011, said: “The United States can pay any debt it has because we can always print money.”

30 People Who Were Really Wrong About BitcoinSometimes, there simply aren’t enough reaction faces. As bitcoin nears the end of a record-breaking year, it seems an appropriate time to revisit the tidings of bitcoin naysayers who were forced to eat their words. Take out the popcorn and get comfortable as we dive into the direst bitcoin pronouncements ever uttered.

2011

“So, That’s the End of Bitcoin Then” – Forbes. The publication continues:

[Bitcoins are] not liquid, nor a store of value, as the price collapse shows and if they’re none of those things then they’ll not be a great medium of exchange either as who would want to accept them?…It’s difficult to see what the currency has going for it.

2013

“The Bitcoin Is Dying. Whatever.” – Gizmodo Australia. It reads:

So Bitcoin, we’ll remember the good times, like the time that one guy who got heat stroke while mining Bitcoins. Or the time there was the great heist caper that shut down trading site Mt Gox for an entire day. The lulz were abundant. But frankly, it’s time for you to go. Farewell.

30 People Who Were Really Wrong About Bitcoin

Wired: “[Bitcoin’s] volatility and built-in irreversibility will doom it to the ash-heap of history.”

Business Insider: “Bitcoin is a joke.”

“Beware of This Insidious New Currency Scam” – Salon

“Bitcoin is a really bad idea. Promoting digital currency is like promoting digital food; it will leave you empty and you’ll wonder why you ever thought it was a good idea.” – Zdnet.com

2014

2014 was peak stupidity for writing off bitcoin, as the following soundbites show.

Jason Hoffman, Ericsson vice president: Bitcoin’s blockchain is a good strategy to emulate if “you throw away the actual currency part of it.”

“Bitcoin is neither a relatable store of value nor a helpful unit of account.” – Reuters

John Crudele, New York Post columnist:

Bitcoins are a fake currency that is nothing more than a confidence scheme. Their only value is that there are a few layers of gullible people who are willing to accept them as some form of payment. Eventually this confidence game will end. Go out and buy Beanie Babies instead. At least you can take them to bed at night.

 

30 People Who Were Really Wrong About Bitcoin
First they ignore you, then they laugh at you, then they beg for bitcoin.

Valley News:

Anyone who thinks that Bitcoin will triumph has to believe that it will succeed where earlier generations of private currencies failed — that Bitcoin will, improbably, manage to overthrow more than a century’s worth of accumulated state power, jealously guarded and ruthlessly enforced. That’s a preposterous fantasy — and a dangerous one, if you’re an investor.

30 People Who Were Really Wrong About Bitcoin“If Bitcoin was allowed to proliferate as a currency it would produce greater economic uncertainty, reduced trade and lower individual standard of living.” – Business Insider.

Ex-Federal Reserve Bank examiner, Mark T. Williams: Bitcoin “will trade for under $10” by June 2014.

Commodities trader Dennis Gartman: Bitcoin is “nothing more than a scam of the first order.” (Three years later and he’s still writing off bitcoin.)

Blogger John Gruber: “In lieu of Bitcoin, I’ve stuck to flushing $100 bills down a toilet. I’m deep in the red, but at least I understand exactly what’s going on.”

Washington Post: “Bitcoin isn’t a currency. It’s a Ponzi scheme for redistributing wealth from one libertarian to another.”

30 People Who Were Really Wrong About Bitcoin
“Chief Investment Strategist”

Warren Buffett:

“You’ll be much better off owning productive assets over the next 50 years than you will be holding…bitcoins. It’s not a currency. I wouldn’t be surprised if it wasn’t around in the next 10-20 years.”

 

NYU economist and professor Nouriel Roubini:

30 People Who Were Really Wrong About Bitcoin

30 People Who Were Really Wrong About Bitcoin

To anyone seeking an excuse for more popcorn, all of Roubini’s tweets regarding bitcoin are delicious.

2015

30 People Who Were Really Wrong About Bitcoin“Bitcoins are going to be another dot com bubble burst and they will crash to $1 per bitcoin by the end of 2016.” – r/Markmywords

“Bitcoin has peaked and is very unlikely to escalate significantly in value again…It’s basically an elaborate Ponzi scheme.” – Forbes

Jamie Dimon:

There will be no real, non-controlled currency in the world. There is no government that’s going to put up with it for long…there will be no currency that gets around government controls.

“The blockchain does not solve a single problem that anyone, anywhere has – unless you are a criminal and need an anonymous currency to pay or be paid.” – PYMNTS.com

30 People Who Were Really Wrong About Bitcoin

Plata.com:

Bitcoin is a non-thing. It will never be able to have an independent, sovereign value on its own, because it is a non-thing…the Bitcoin is, in fact if not in intention, a fraud; it is an attempt to muscle-in on the enormous scam of universal fiat money, which is a curse upon mankind. And as a scam, it will go to the dustbin of history.

The Guardian: “Spare a thought for the companies scrabbling to jump off the bitcoin ship before it sinks. The currency’s value has been static for months (except for a brief boom and bust in early November when it was caught up in a Chinese ponzi scheme), but perhaps more damningly still, the hype has all but disappeared.”

2016

Taavet Hinrikus, CEO of TransferWise:

Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over.

“R.I.P. Bitcoin. It’s time to move on.” – Washington Post

“Bitcoin was supposed to change the world. What happened?” – Vox

 

2017

30 People Who Were Really Wrong About Bitcoin“Bitcoin is a fraud. It’s worse than tulip bulbs.” – Jamie Dimon

Two months later: Jamie Dimon’s JP Morgan Chase & Co is “looking at business opportunities in the planned bitcoin-futures market”.

Whatever 2018 brings for bitcoin, it’s sure to be filled with more luminaries writing off the unstoppable digital currency. See you in 12 months’ time for more popcorn, schadenfreude, and sensible chuckles.

Do you think haters will learn to hold their tongues in 2018, or is bitcoin in line for more apocalyptic pronouncements? Let us know in the comments section below.

Bloody Crypto Christmas?… Calm Down. It’s a Correction, Not a Crash

 

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You probably woke up this morning to a portfolio streaked in red, and you likely came to the logical conclusion that the market is getting massacred at the moment.  Congratulations, you’d be right.  If you’re a veteran investor, this is par for the course, another adrenaline-inducing day in this amusement park we call a market.  If you’re new to the game, you might regret investing in that magic internet money your coworker used to pay off his mortgage.  Either way, there’s little reason to panic, and there’s even less of a reason to be surprised.

Yesterday, the cryptocurrency market topped-off a few bucks shy of a $650bln total valuation.  This all-time high had crypto’s market capitalization up from $250bln back in the 21st of November.  That’s a 159% increase in only a month.  To put this into perspective, the United State’s stock market took a full year to increase 8% in total market cap between 2015-2016.

This correction is long overdue.  The market’s been riding on the back of a gold-studded bull for the past two months, so it’s only natural that a bear has snatched it up in its bloody clutches.

Besides, this bloodbath is nothing we haven’t seen before.  Back in September, the crypto market fell into a bearish slump after a bullish frenzy in August.  Bitcoinand Ethereum both lost around 68% and 78% of their respective values in two weeks, and Litecoin fell a gut-punching 105% over a matter of days.  From these ashes, however, the market rose to the highs we just experienced.  It wasn’t doomsday, just the fallout of a booming summer.

Granted, this blindside correction has Bitcoin down nearly 50% from 5 days ago, an unfortunate departure from its all-time high of $20k.  But the healthier the prosperity, the harsher the correction, especially at a time when institutional adoption is on the rise.  In December alone, we’ve seen the inauguration of Bitcoin futures, doors open for cryptocurrency ETFs, and policy makers scramble to accommodate crypto into formal regulation.

Bitcoin and friends’ gains over the past month have run alongside a triage of attention from global governments, the general public, and legacy financial institutions.  The same factors that slung the market to the stratosphere are likely the same tethers dragging it back down to earth.  But these catalysts of success and disaster, of investor ecstasy and despair, are the very stimulants that will sustain crypto in 2018 and the years to come.

Cryptocurrencies have too much momentum going into the new year for this to be its coup de grâce.  Let alone Bitcoin’s attraction as a financial assets, but many platforms and currencies are pioneering enterprise solutions that businesses have started to adopt.  Blockchain adoption is waiting patiently on the international stage’s doorstep, and come 2018, a slew of mainnet and product launches will only push crypto further into the public and corporate folds.

If you just bought in at an all-time high, my sympathies, friend.  It’s a tough first correction to stomach, and so far, it’s been a long way down.  But don’t fill those sell orders just yet.  This bubble’s got plenty of room left to grow before it grows anywhere close to the $2.9 trillion burst that crashed the dot.com craze.

So stop refreshing your portfolio, make a cup of hot cocoa–hell, add some peppermint schnapps if you need to–and go enjoy your holiday.  The market may continue bleeding yet, but once the scrapes and bruises heal, it’ll come back stronger than before.  Just hunker down, relax, hold, and we’ll see you in 2018.

 

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