Well, I thought the CEO of paypal didn’t care much about bitcoin but I guess even he couldn’t resist the potential of it. Here is the article. Do you smell BTC price rising? =p
This is Paypal’s previous article that I posted.
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As I was writing a post yesterday about how people tend to be so emotionally influenced to sell/buy cryptocurrency, I began to wonder what could be the base cause beside seeing bunch of red candles on a chart.
I personally think that it’s due to age demographic of who owns cryptocurrency.
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< 18 – 5 (4.8%)
18-22 – 23 (22.1%)
23-27 – 18 (17.3%)
28-32 – 20 (19.2%)
33-37 – 18 (17.3%)
38-42 – 6 (5.8%)
43-47 – 5 (4.8%)
48-52 – 4 (3.8%)
53-57 – 1 (1%)
58-62 – 1 (1%)
63-67 – 0 (0%)
>= 68 – 3 (2.9%)
This pole was done in BitcoinTalk.org. As you see most of cryptocurrency owners are 20~30 about 60~70% of total 102 people who participated. Yes, it’s still small pool to conclude that this is the trend of entire world but I think that it tells quite a lot. Unless you are computer savvy in late 30s or older, there is no way someone older than 40s will be able to build a mining rig by his/her own and hashing out the coins.
For those in younger generations with no or limited experience in professional trade, (I am not blaming. Just how things show. =p) they are prone to be influenced situations and tend to buy/sell. How do I notice this? From the BTC-e chat box. From now and then, I asked people’s age in there. Most of them are early to mid 20s chatting saying something like “LTC to the moon!” I must say… I hate that sentence. How immature. I am sorry but I just can’t stand it. =p And I saw a lot of traders in there buying high and sell low.
Yet, I have to admit that I get some crucial information from them too. Just about the recent crash, I didn’t know what actually caused the initial drop until someone in there who I recognize as one of early 20s traders, posted a link regarding China’s cryptocurrency regulation. Then it was too late for people to sell. Price was already in $15s and people started to dump below $15. Just look at current price. Almost $18 as I write this.
My point is… just relax. Many of us earned these coins from nothing unless you bought them. Maybe paying for your super gaming computers and electricity. I expect for LTC to hit near $20s in a day or two but I don’t think it will hit back to $40 soon as we seen earlier this month.People think that Paypal would incorporate Bitcoin to Paypal system. I don’t think so. And this is what the president of Paypal had to say.
People are confused. They think because it’s called cryptocurrency it’s a currency. I don’t think it is a currency. It’s a store of value, a distributed ledger. It’s a great place to put assets, especially in places like Argentina with 40 percent inflation, where $1 today is worth 60 cents in a year, and a government’s currency does not hold value. It’s also a good investment vehicle if you have an appetite for risk. But it won’t be a currency until volatility slows down. Whenever the regulatory framework is clearer, and the volatility comes down, then we’ll consider it.
And I totally agree. Volatility is the key here. That’s why I think BTC and LTC are still in bubble. Will BTC be placed in as a future currency? It will be a good model to build a new digital currency but I don’t think BTC itself will become the one. Central bank won’t let it happen.
But I would like to see the day when BTC becomes recognized as a “type of currency” that anyone can own and exchange. Not just for the computer savvies.
Sol 