Bitcoin Price Shown Alongside Dollar and Euro in Square: Gone Mainstream

Ever since Bitcoin (BTC) was birthed, its early adopters have dreamed of a world where cryptocurrency is the go-to medium of exchange, not fiat currencies. But, ten years since Bitcoin was released, this dream has not been had.


Related Reading: Bitcoin Pioneer Adam Back: BTC Price at $50,000 Not Far Off

Cryptocurrency pundits on Twitter estimate that less than 1% of the worlds population know anything material about this technology; Bitcoin itself processes much less than 1% of all digital transactions (Amazon alone purportedly processes over 300 transactions a second) that take place each and every day.

But, there is increasing evidence that the digital asset is going mainstream slowly at first, then all at once.

Bitcoin Going Mainstream

Didi Taihuttu is the Dad of the renowned Bitcoin family, who famously sold all their worldly possessions for the cryptocurrency a number of years back. Since then, they have been traveling the world to promote this industry and show how its possible to live off cryptocurrency.


The Taihuttus recently set down in Turkey. And interestingly, they found that there, Bitcoin has seemingly entered the mainstream consciousness. The father posted a video of a sign in a public square in Istanbul that showed the Bitcoin price alongside the value of the Dollar and the Euro, to the thousands that pass by it each and every day.

As Marty Bent, a prominent industry commentator and content creator, wrote in response to the video, Bitcoin has slipped into the psyche of the masses. Brand awareness is too strong.

Its not just public squares in Turkey. Mainstream media outlets are, once again, heavily covering this space. As reported by NewsBTC on multiple occasions, outlets like CNBC have begun to cover this space multiple times a week, both in print and on television.


Related Reading: Crypto Tidbits: PWC Branch Accepts BTC, Ethereum Istanbul Pushed, Apple Talks Cryptocurrency

Retail Still Slow to Enter

While Bitcoin is breaking into the public consciousness once again, the data shows retail investors are still hesitant to delve into the cryptocurrency industry, despite technical developments and the uptick in the underlying market.

Bloomberg, citing data from blockchain analytics firm TokenAnalyst, hasconfirmedthat fewer retail traders have been involved in this rally than in 2017. The firm found that the number of unique addresses sending Bitcoin to known platforms like Binance and BitMEX has been on the decline.


Related Reading: Was The Bitcoin Rally to $14,000 Catalyzed by Institutions?

In fact, the number of addresses using Bitfinex has reached a two-year low; Binance has seen incoming BTC transactions fall to early-2018 levels. Sid Shekhar, the co-founder of TokenAnalyst, said the following on the statistics:

[The low number of incoming transactions suggests a] lack of retail interest in general currently in crypto. If we go by the Bitcoin as safe haven in times of recession narrative, the number of new users/buyers should actually be increasing.

Google Trends data corroborates this analysis. Below is the search interest for the term Bitcoin from the start of 2017 to now. In it, you can clearly see that interest in the leading cryptocurrency spiked in late-2017, when Bitcoin started to reach levels where it is currently trading now.


Featured Image from Shutterstock

The post Bitcoin Price Shown Alongside Dollar and Euro in Square: Gone Mainstream appeared first on NewsBTC.

08.09.2019 / 14:10 65
Double Jeopardy: Bitcoin and Blockchain Featured on TV Game Show Yet Again Double Jeopardy: Bitcoin and Blockchain
Bitcoin is once again at $10,000, but this time around mainstream interest appears to be non-existent, and the lack of interest is even reflected on
Bitpay CEO: Bitcoin Price Built Off Speculation Bitpay CEO: Bitcoin Price Built Off
Big Component Of Bitcoin Price Is Speculation Since the monumentalrun-up in the Bitcoin price during 2017, pundits have speculated that traders
Coinbase CTO: Crypto is Entering the Tech Mainstream Coinbase CTO: Crypto is Entering the
Balaji Srinivasan, a prominent venture capital investor and the chief technical officer at Coinbase, said that crypto is entering the tech
Twitter CEO Says Bitcoin Will Become Worlds Single Currency Within A Decade Twitter CEO Says Bitcoin Will Become
The CEO of Square and Twitter predicts that BTC will become the worlds single future currency. Jack Dorsey, the CEO of both Twitter and payment
Bitcoin Will Be Worlds Leading Currency in 10 Years: Square CEO Jack Dorsey Bitcoin Will Be Worlds Leading
One of Silicon Valleys most revered entrepreneurs is going all in on Bitcoin. Square CEO Jack Dorsey, who is in London this week promoting the
Eligma  Bringing Crypto Transactions into the Mainstream in the First Bitcoin City Eligma Bringing Crypto Transactions
Eligma, a Slovenian startup, which is on a mission to transform commerce with the help of AI and blockchain technologies, has made an important
Comments (0)
Add a comment
Comment on