Bitcoin's Latest Price Stability Indicates A Growing Maturity For The Innovative Crypto-Currency (2024)

Bitcoin's Latest Price Stability Indicates A Growing Maturity For The Innovative Crypto-Currency

Bitcoin’s price may be stabilizing as the virtual currency becomes more widely used and adoption by merchants accelerates, brokerage ConvergEx Group LLC said.

The digital money, which rose to $1,000 last year from about $13 at the beginning of 2013, is on the road to stability now, according to Nicholas Colas, chief market strategist at ConvergEx in New York. Bitcoin’s price rose 6.2 percent in the last month to $794 on Bitstamp, one of the more active online exchanges where Bitcoins are traded for dollars and other currencies.

More merchants are starting to accept Bitcoins, which can be used to buy everything from gummy bears to cars. Electronics-retailer TigerDirect Inc. said yesterday that consumers will be able to use Bitcoin to buy more than 200,000 products on the site. Online-retailer Overstock.com Inc. and social-games developer Zynga Inc. now accept Bitcoins as well. Lower volatility is critical if Bitcoin is to be used widely in online and offline retail transactions, Colas said.

“We have no doubt that merchants will adopt Bitcoin simply to access newly minted high net worth individuals,” Colas said in the note. “But to keep them in the fold and increase the usage of Bitcoin in other parts of their business, they will need to see some greater stability in the price.”

Bitcoins exist as software, which contains the rules governing their supply and can only be created by solving complex problems embedded in the currency, keeping total growth limited. After speculators rushed in and drove prices higher, Bitcoins attracted the scrutiny of regulators in China and India, adding to volatile swings in the virtual currency’s value against the dollar and other currencies.

“The wider acceptance of Bitcoin from retailers certainly could drive up the price of Bitcoin, but it’s also fair to note that there’s still a great amount of speculators trading in Bitcoin -- so there may be quite a bit of volatility in the future,” Ugo Egbunike, director of business development at IndexUniverse, wrote in an e-mail.

Let’s Talk Bitcoin!

Subscribers: 3,200

Channel Views: 103,000

The show is in a podcast format and was originally hosted by Adam Levine, Andreas M. Antonopoulos and Stephanie Murphy. I discovered it last summer and found it reminded me of the NPR (National Public Radio) with its low key segments and slow jazz intros. It started out with the three main hosts mentioned above. Of the three, Andreas appears to me as the most passionate, energized, and engaging in my own opinion. Much of his forward thinking predictions and explanations brought clarity and focus to my understanding. He’s now a sought after public speaker who does a fine job representing the bitcoin community ideals.

The Bitcoin Channel

Subscribers: 12,000

Views: 397,000

This channel has been around for a few years as well beginning in June 2011. The channel specializes charting the Bitcoin price with an effort to make short term predictions using formulas common to that specialty. The narrator’s commentary is the interesting portion to me. If charting is your thing, you might find it interesting, but for me – I’m more interested in the back story and theory added to give more meaning to price movements. One particularly interesting episode was from June 19, 2011 captured the “flash crash” of Bitcoin from $30 to almost zero in real-time as the Mt.Gox exchange was hacked. This event had a longer term effect of causing many people to lose faith in the currency and brought about many greatly exaggerated reports of bitcoin’s death. It turned out to be an important moment of bitcoin history was captured while it was happening. It’s important to see that at the time it was happening it was scary and confusing to those invested in the new technology. Put in perspective, it’s fascinating.

These channels of course are not alone on YouTube. In this short article it would be impossible to name them all. My journey led me to other helpful beacons of knowledge and discovery. I did, however, find myself returning to these sources repeatedly and eventually subscribed to their channels. To put things in perspective, others around the world are only now hearing about Bitcoin for the first time or only now reading or hearing something that spiked their interest. To much of the world, their first source of knowledge will be to turn to YouTube for influence. Their path will likely lead them to the many of the same places and to the same channels I found. We do well to recognize these efforts and thank them for introducing the newly curious population just now experiencing their “a-ha” moment.

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Tip LTC: LL672hS4sTzs9F6h6gAw8s4YUvTJbx5QVx

Monty Henry, Owner

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