When cryptocurrencies hit the mainstream in 2016, the interest in them was huge. Everyone wanted to know what they were about, and how they, along with the technology behind them, could be game changers. It led to a lot of people investing in cryptos such as Bitcoin and Ethereum after seeing how popular they had become. But fast forward to the present day, and the good old days seem a distant memory.
While a lot of people did get into cryptocurrencies to invest, believing they’d turn over some big profits. For others, you could go as far as saying that cryptocurrency could have been a game changer in a different way. In many African countries, such as Zimbabwe, cryptos quickly became a new way to conduct financial transactions on demand. Some even saw it as a solution to the current hyperinflation. But because of how volatile prices are, it’s beginning to be too much of a risk.
And while some were ok with taking the risk because there could be big rewards that come to fruition, as a result, others have always been cautious about entertaining cryptocurrencies. The uptake of the integration in the online world where cryptos are concerned has been slow from respected mainstream operators, PartyCasino being an example, along with other established global brands. And this is telling because while crypto and blockchain have their benefits, the risks, at times, as seen as far too great.
There have been market crashes before, and then there have been recoveries. Most crashes are led by Bitcoin, the market leader and the crypto seen as the original. When its price falls heavily or consistently, the prices of a lot of other leading coins follow suit. At the time of writing, a whole Bitcoin will cost close to $17,000 to buy outright. However, around ten months ago, a Bitcoin would have set you back closer to $50,000.
What hasn’t helped are the number of crypto scandals that have occurred in recent time, with the FTX exchange going under and its founder Sam Bnakman-Fried now facing federal charges in the US after being extradited from the Bahamas. While this should be a period of recovery for Bitcoin and other cryptos, as we have seen before, it seems to be a time when anything negative that can happen will happen, and prices suffer as a result, with trust then waning by default.
So, the wait for the crypto market to bounce back goes on. And while some believe that prices will recover, whether that’s belief or hope. And while we’ve also seen coin prices skyrocket in the past, it seems like Bitcoin going from its current price to anything close to the value it once held is a long way off. With that, those invested may have to begin thinking about the next step to take rather soon, while those in countries that saw crypto more as a useful tool may also have to look for alternatives.