The Future of Mobile Payments System Bitcoin, as Told by Blockbid COO
Punditry on the subject of the newest mobile payments abounds, as more and more people get into cryptocurrency or just wonder what’s with all this talk about “bitcoin”, anyway. Recently, we got word from one more such pundit, the chief operating officer of Blockbid, David Sapper. Sapper offered a look at the bitcoin market and its overall state of price sensitivity as only the COO of a cryptocurrency exchange could note.
Sapper noted the extended roller coaster ride that bitcoin pricing has been on, noting that bitcoin dropped to $6,300 in mid-August, then saw a significant price gain to follow. He projected that bitcoin would break $7,400, and he was within about $35 of being right until a sudden crash in the price wiped out much of bitcoin’s earlier gains to bring it back down around the $6,465 level. Of course, Sapper might not have heard about the 110,000 bitcoin wallet that suddenly came online again after being dormant for an extended period.
Leaving aside this wild event, Sapper continues on to note “…Bitcoin’s price may be less sensitive to sell-offs and negative press than previously thought. This coupled with an increase in large bitcoin trades over 100 BTC depicts investor confidence and a hint that prices are likely to increase. A failed ETF proposal to SEC towards the end of August did little to shake bitcoin’s price which could be an indication that major price fluctuations of the past failed ETF’s may be less volatile in future proposals.”
Here, Sapper is right; even with a failed ETF, bitcoin’s price didn’t fluctuate all that much. It reminds us of what the deVere Group has been saying for months, that bitcoin is emerging as a maturing market that has normal ups and downs like any other. A failed ETF isn’t causing the calamity it once did. Even a massive trove of bitcoin getting sold off isn’t a catastrophe; sure, the price shuddered a bit under a big new supply, but most any commodity would have similar outcomes. If pigs tripled in quantity overnight, pork belly futures would buckle.
Basically, this is bitcoin: a maturing, stable market that’s all the more likely to go mainstream thanks to increasing use cases and clear stability as a store of value.