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The Slump Can’t Stop the Growth and Mass Adoption of Bitcoin Cash and other Cryptocurrencies
The cryptocurrency market might be experiencing a slump in the past few months but it couldn’t stop the growth and mass adoption of Bitcoin Cash, Bitcoin, Ethereum and other cryptocurrencies.
Some would even say that the current bear market is allowing more people to join in on the fun. After all, the price of all cryptocurrencies is currently selling in a discount. And you know what people do when there’s a discount – buy, buy, and buy some more!
Therefore, instead of feeling sorry for yourself because there are reds everywhere, just think of it as the cryptocurrency market rearing up for another explosive bull run.
JPMorgan, a global investment bank just recently announced that they’re now providing their clients access to five cryptocurrency funds which include Bitcoin Cash Trust, Bitcoin Trust, Ethereum Trust, Ethereum Classic Trust, and Osprey Fund’s (OBTC) Bitcoin Trust.
The service started last July 19, and financial advisors from JPMorgan will now offer this service to their clients interested in investing into cryptocurrencies. What so good about this service though was the fact that every one of the global bank’s client can access this service and not just the wealthiest of clients.
This might not seem much but the new service could bring more people into the cryptocurrency market. Moreover, as JPMorgan is a highly trusted brand, those that are currently sitting on the fence might finally make up their mind and invest in the market.
Another interesting thing about the whole thing though was the fact that JPMorgan or rather, its CEO Jamie Dimon used to be a hardcore critic of cryptocurrency. But as cryptocurrency grew closer and closer to mass adoption, Dimon’s stance against cryptocurrency also grew softer over the years.
Nowadays, one could even consider JPMorgan’s CEO as an avid supporter of cryptocurrencies.
JPMorgan’s move in providing access to cryptocurrency services goes to show that even though the market is experiencing a long slump due to the actions of a certain government and certain people, most of us still have high expectations in the future of cryptocurrency and are willing to support it.
The introduction of government-approved digital currencies like the Digital Yuan made some people think that cryptocurrency like Bitcoin, Bitcoin Cash, etc. lost the chance to become a dominant currency. But some high-profile financial world personalities like Interactive Brokers’ Chairman Thomas Peterffy think otherwise.
Thomas Peterffy and other high-profile personas believed that it’s too early to say if cryptocurrency can or cannot become a dominant currency. In his opinion there’s still a chance that it could become a dominant currency in the future.
“Even I myself have put a little bit of money into crypto, because even though chances are, I think, that this is not going to be a viable market, I think that there’s a small chance that this will be a dominant currency, so you have to play the odds.” – Thomas Peterffy
There might still be some hesitations in his words but the fact that he put some of his money into cryptocurrencies proved that he still see a future in it. Moreover, Thomas Peterffy’s company, Interactive Brokers is planning on opening cryptocurrency trading this coming summer because their clients are highly interested in cryptocurrency trading.
Just like JPMorgan CEO Jamie Dimon, Interactive Brokers’ Chairman Thomas Peterffy used to be a harsh critic of cryptocurrency. And like Dimon, he too, has seen the light and is now trying to explore the possibilities that cryptocurrency offered. Certainly, there’s still some skepticism left but I’m pretty certain that the day where he’ll fully embrace cryptocurrency will come.
There’s an ongoing crackdowns on cryptocurrencies in China after the introduction of the Digital Yuan which greatly affected the cryptocurrency market.
Have you been wandering why the market is experiencing a long bear cycle? Well, wonder no more… the crackdown is one of the reasons.
A few months back, the Chinese government had started cracking down on cryptocurrency mining in the country – forcing all foreign cryptocurrency miners to move to countries like Kazakhstan just to continue their operations.
Unfortunately, majority of Chinese miners didn’t have the option to move to other countries and are forced to halt cryptocurrency mining operations completely or face the consequence of going against their own government.
One would think that cryptocurrency mining and trading would be over in China after this move by the Chinese government but we might have underestimated the bravery and determination of the Chinese.
Currently, many of our Chinese counterparts are pivoting and are showing great interest in storage-based tokens like Filecoin as cryptocurrencies in that category has yet to be taken noticed by regulators in China. Some even believed that storage-based tokens are in the “grey area of business” and might circumvent the restrictions on cryptocurrencies.
Thinking that the Chinese government would overlook storage-based tokens is wistful thinking on the Chinese miners’ part, and majority of them think so as well as many are currently on the watch and wait mode.
That being said, it’s still great to see that the Chinese haven’t given up yet and are trying to think outside the box – proving that many of them are unwilling to let go of the economic freedom that cryptocurrency has to offer.
There are a lot of good things happening on the cryptocurrency market right, and the three included in this article are just some of them. Moreover, one doesn’t even have to look hard as good news is aplenty in the market right now.
So there’s really no need to bemoan that there’s nothing but bad news on the market right now as that’s very far from the truth. Even if the cryptocurrency market is experiencing one of the longest bear cycle, the growth of cryptocurrency has stopped.