The rise and fall of Bitcoin is an old story by now. In early 2018, super-high prices finally came crashing down faster than optimistic investors expected, and many were burned when the bubble burst. It wasn’t a surprise – if you believed assurances that prices would keep going up forever, it’s time to hand your wallet over to a money manager.
Now that the madness has passed, Bitcoin prices are still volatile but beginning to stabilize. They’ve hovered between $3,000 and $4,000 for the past several months, and many are of the opinion that Bitcoin is putting the pieces back together before it returns as a major market force.
Bitcoin has survived the dark days of the bear market, and many are starting to find reasons for hope are piling up.
Government Regulations Are Evolving
For the first few years, governments didn’t know what to do with Bitcoin and they didn’t want anything to do with it. But governments are finally coming around to it. From being able to pay your taxes in Bitcoin to more robust financial regulation, clear rules and acceptance from governments can only help Bitcoin prices in the long run, and help Bitcoin shed its old reputation.
Enterprise Uses for Blockchain
Increased adoption of blockchain technology generally will attract more institutional and deeper investments into Bitcoin. The corporate world is finally looking at Bitcoin as a practical business solution for issues like payments and supply chain.
Accounts Payable departments at large enterprises are plagued by millions of invoices and handling supplier inquiries. Accounts Payable departments have to digitally scan millions of paper invoices, ensure there are no duplicates, make payment on time, keep track of supplier data, and handle supplier inquiries. By some estimates, 60% of supplier inquiries are about invoices that have already been paid. Most of these inquiries are due to Accounts Payable sending inadequate information.
If large enterprises and their suppliers switched to blockchain payments, they could cut down on the costs and time spent in Accounts Payable. Suppliers and enterprises need payment data to be available on the same portal. Supply chain is a huge opportunity for Bitcoin and other cryptocurrency, not to mention smart contracts that can automatically pay out when the conditions of the agreement are met. The blockchain ledger has huge potential to solve enterprise problems.
Investors Are Paying Attention
The size of the cryptocurrency market is undeniable, and it’s getting the attention of major investors like Fidelity. The total value of the digital currency market rose from a minor $20 billion to $500 billion in only two years. That kind of growth is what made even sceptical investors start paying attention to the growth and evolution of Bitcoin and other cryptocurrencies.
There are some compelling reasons to prepare for a Bitcoin comeback starting in 2019. If you want to buy Bitcoin, be sure to check this out and find out more about cryptocurrency exchanges that make it cheap and secure to buy crypto. The stage has been set for the Bitcoin comeback. Make sure you don’t get left behind.