For anyone that lived through the crypto craze of 2017, it is hard to imagine a time more hectic and profitable. In 2017, the youth of the world woke up to the cryptocurrency markets. Projects that barely had a whitepaper were shilled mercilessly on Twitter for audiences of millions to pump and then subsequently dumped. Fortunes were made–and lost–within the span of weeks. Though it was a crazy time with millions of people learning about cryptocurrency and how to trade coins, it was not the great awakening that crypto enthusiasts were yearning for.
Yes, people that never had exposure to cryptocurrency before were purchasing and everyone wanted to know how to get in on it. But it wasn’t for adoption of a new technology and a forward step into tomorrow. It was to make money. The crypto community needed recognition from those other than the young population to really take hold. This week, we are seeing price action that reminds many of us of what happened in 2017. This time, however, there are some real influencers making waves in helping crypto to gain more recognition and legitimacy.
In a series of tweets, Dave Portnoy has apparently joined the crypto community. For everything from obscure altcoins to the BTC juggernaut, and is clearly excited about the prospect of investing in cryptocurrencies for the long-term.
Why Does it Matter?
Some people might find themselves asking–why does it matter? Celebrities got excited about cryptocurrency last time around, right? This is correct to a degree, but the staying power that Bitcoin has now achieved the second time around has to mean something. This is an asset that retraced almost 90% and is now on the march once again. The legitimacy that has been given to it is powerful and could lead to increased interest and more flowing capital into the collection of assets.
Going forward, this can only help cryptocurrency as a sector. What crypto needs more than anything is name recognition and while it was nice to have a blip in 2017, the effect of another rise in 2020 would be paramount to its success and refusal to fade into obscurity. Another fact that is becoming more clear by the day is that Dave and others won’t just be satisfied with Bitcoin this time around. Altcoins are gaining popularity as people around the world start to see the innovation and utility that many altcoins have been able to provide.
Winklevoss Crypto Summit
To show just how well crypto is able to bridge the gap between influencers, Dave Portnoy met with the Winklevoss twins to create content and talk Bitcoin just a few days ago. Real business influencers will be required to sustain cryptocurrency popularity this time around and it is becoming more clear that people see it as an increasingly serious asset going forward. As crypto gains more recognition and notoriety, we will continue to look forward to which corners of business and economics it is able to touch.
