Trading Lesson: Bitcoin Is Going to Eclipse the Current Banking System

08/29/2018 4:02 pm EST

Focus: CRYPTOCURRENCY

Charlie Shrem

Partner, Crypto.IQ

When I first got involved in bitcoin, only a handful of people even knew what it was, and just a few more than that understood its implications. Since then, it has become a global phenomenon, writes Charlie Shrem of Crypto.IQ. He's presenting at MoneyShow Dallas Oct. 5.

So for me, what’s most promising about bitcoin’s future is people’s enthusiasm for it once they understand what it is and what it means.

Those who take the time to learn about blockchain immediately grasp its transformative potential. We say they’ve been bit by the “crypto bug,” and these people almost always become bitcoin evangelists. They talk about bitcoin a lot and have been known to ruin family holidays. But it’s understandable. They don’t want the people they love to miss out while it’s still early.

And it is still early, despite the fact that bitcoin (BTC-USD), at this writing, has reached over $7,000. It’s part of the reason why cryptocurrency is still a volatile market. There’s a lot of maturing ahead.

Because of the way knowledge of bitcoin has spread, most people today have at least heard of it. It’s become mainstream to the point where many popular TV shows have bitcoin episodes. And where once we were ecstatic to see an article about bitcoin in a newspaper, any newspaper, now it’s a common topic for news outlets all over the world.

Even more importantly, many people who’ve heard of bitcoin are now bitcoin holders or HODLers, as we call them, to use a term coined for this world. And it’s worth noting that while older folks are getting on board, even larger numbers of young people, the digital natives of the world are adopting cryptocurrency.

Their children will know bitcoin, hold bitcoin and other cryptocurrencies and use them in their daily lives. They’ll be unable to imagine a world without it, just as we can’t imagine a world without the internet.

Now the biggest players in finance, while saying they don’t like bitcoin, are actively buying it and setting up their operations to handle it. Bitcoin enthusiasts understand their initial resistance. After all, bitcoin is going to eclipse the current banking system, so they can either join or die.

Keep in mind that bitcoin is still in its infancy even though it’s almost ten years old. This first cryptocurrency and the technology it’s based on have a long future ahead because they are going to change not only the financial world but also myriad other aspects of life.

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Watch this video including Charlie Shrem: Big questions, straight answers: The future of cryptocurrency. Here.

Recorded: MoneyShow San Francisco, August 24, 2018.
Duration: 23:31.

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