After reaching a high just shy of $20,000 in December of 2017, Bitcoin has been in a general price correction the past five months, trending down to around $7,500 where it sits at the time of this writing. However, one should be careful not to confuse a declining price with a mass exit from the technology itself. While the price has been declining of late, interest, adoption, and implementation of the blockchain continues to grow unabated.
The evidence of blockchain becoming mainstream is literally everywhere. Banks are beginning to use Bitcoin for cross border payments. See here and here. The $9 trillion (yes, that’s trillion with a “T”) trade finance field just saw its first blockchain based deal. Major financial exchanges are launching platforms for institutional money to get involved in cryptocurrencies. Se here, here, here, and here. Bitcoin television shows are being launched. Smartphone Apps are making it very easy for tens of millions of users to get into crypto with a simple tap on the screen. And even smartphone manufacturers are creating blockchain-based phones themselves. We could go on and on. The signs are simply everywhere that blockchain and cryptocurrencies are the future of banking, finance, and the economy. One would have to be willfully blind not to see the trend.
It really isn’t difficult to see how John McAfee’s forecast that this year is “going to be the year of the explosion of the true growth of cryptocurrencies” will be fulfilled. If you doubt he will be correct, just re-look at the evidence above.
Well, another major financial firm has just informed us of their move into blockchain-based finance. Speaking at the Oktane18 conference in Las Vegas, Tereasa Kastel, American Express VP of Technology stated that she visited the company’s R&D facilities and saw, “They were working on blockchain specifically for financial transactions.” She also said that the company intends to use the blockchain in a significant way in the future, including identity management.
That’s just one more milestone on the road to mass adoption.
2018 is very well the year of the explosion of the growth of the blockchain.