What the Cryptocurrency Market really needs, and no, its not ETF’s.

Recently all the cry is over ETFs and how the SEC’s rejection of them has tanked the price of Bitcoin and the cryptocurrency market but that is not the real underlying reason. The real underlying reason has been there all along and its that Bitcoin price is completely dependent on its volume and that is dependent on how much people want to speculate. Although Bitcoin has made strides in merchant adoption, it is still mainly used to speculate for profit which is a problem for anything that wishes to be a currency long term. However, there is hope and silver lining because of things like the new platform that ICE is setting up, the woo-commerce plugin that was released by Coinbase and the fact that Coinbase is becoming a custodian for retirement and pension funds that are looking to get into the cryptocurrency market. All these things will have a greater impact than the ETF news for Bitcoin in the long term future because all of these things, especially Merchant Adoption, will generate volume for Bitcoin without the need for speculators. For Bitcoin to work in the long term, its main use has to either be a store of value or a medium of exchange, it cannot be used mainly to speculate on price as that will fail in the end. If you want Bitcoin to rise up, begging and cursing whales will not help. You need to convince wordpress merchants to use the woo-commerce plugin to accept Bitcoin. If you need webhosting, consider services like vultr that accepts Bitcoin as payment. If we show merchants that accepting bitcoin will draw in more customers, then more merchants will sign on. That will cause more actual use of the coin resulting in more transaction volume, which in turn will make the bottom of BTC price be higher as well as push the cryptocurrency market higher overall. In the end its not about your speculation on Bitcoin that will make it fly, its actually being able to buy stuff with it that will determine its future.

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