The popular cryptocurrency proponents gave his two cents on why Bitcoin had hit a speed bump in terms of adoption and also pointed out the silver linings in the space.
Bitcoin’s mass adoption has always been touted to be the marker for positive developments for the world’s largest cryptocurrency. Since its inception, the digital asset has gone through changes and price fluctuations that beat expectations set by multiple sectors of the industry. Despite hitting record highs in the winter of December, Bitcoin has not been able to climb to such zeniths since then. The current hold between the $7000-$8000 range has caused many proponents in the space to come out in support of the cryptocurrency, one of the being Jameson Lopp.
The CTO of Casa HODL had tweeted:
“There are many reasons why Bitcoin isn’t ready for mainstream adoption; development is ongoing. On the bright side, if you are reading this then you are (or still have the opportunity to be) an early adopter.”
The tweet was appreciated by the community with many claiming that the sideways moving market was the best time to accumulate more Bitcoin. The phenomenon known as ‘buying the dip’ has been advocated by several famous personalities in the crypto sphere. Some evangelists even inform users how much BTC they purchase on a daily basis. Lopp was also met with criticism from Twitteratis who refuted that Bitcoin had a vast array of problems apart from the lack of mainstream adoption.
oudekaas had replied:
“Oh there are many reasons why merchants stopped accepting BTC from 2017 onwards…..
1) the temp. 1 mb limit, kept in by BTC developers
2) uasf allowed by devs
3) crippling of Bitcoin by adding Segwit and changing the core design that was build set in stone, because devs”
Bitcoin has pulled through multiple rifts in the industry, each of which was supposed to be the ‘death of Bitcoin’. At press time, Bitcoin was trading for $7512.05 with a total market cap of $136.1 billion. The 24-hour market volume had raised to $26.55 billion after a 4.45 percent hike in prices.
There are communities within the Bitcoin base who think that adopters in 2019 cannot be really classified as ‘early adopters’ because of ‘negative additions such as competing coins, government coins, regulations etc.’. Experts are however confident that a bull rally was incoming for Bitcoin and users just had to wait for it to happen. The confidence lay in the fact that Bitcoin was currently at a potential local resistance with an aim to break the $8000 barrier soon.
MacnBTC, a popular cryptocurrency veteran had informed that Bitcoin’s MFI was resetting well which the CME had the possibility to gap from $7230. The chance for Bitcoin to hit $7900 was also discussed by analysts as 2020 was seen as the year several anticipated projects would take off.