- Eric Wade, editor at Crypto Capital, was recently featured on Boom Bust to discuss cryptocurrency.
- Wade stated that many investors in the US have been slow to adopt consumers, though millennials have been an exception.
The entire structure around Bitcoin centers on mining and the rewards that these miners get for participating in the verification of transactions. The halving happens on a fairly consistent schedule, dropping the reward that miners receive for their actions. Bull rallies have typically followed along with these halvings, but some Bitcoin bears believe that these associations will not repeat. Recently, analyst and editor at Crypto Capital, Eric Wade sat down with Boom Bust to discuss Bitcoin’s movement. Wade stated,
“I find it really interesting that long term holders – and I’ll lump the miners into that – seem to be holding on to Bitcoin in anticipation of higher prices after the halving, but I also see that short term traders are looking for opportunities to maybe catch a swing or two, maybe a little bit more of the volatility, trying to run up between now and the next halving.”
He added that there’s primarily two investors right now, with some loving the volatility and others despising it.
Speaking on consumer adoption, Wade added that the investors locally have been a little slower on this path, except for individuals in the millennial generation. These individuals seem to be “pretty fast” in welcoming digital currencies. One of the hosts points out that the US has been a little slow, considering the progress in many countries. Wade explains,
“The U.S. is clearly behind and clearly trying to catch up and, as you just mentioned, sending a lot of mixed signals.”
He continued, saying that the government may be slow to adopt with their policies, but Americans themselves have gravitated towards cryptocurrencies.
The discussion turned to Libra, which one of the host “refuses” to call an actual cryptocurrency. Facebook Pay was recently launched, seemingly offering much of the same benefits that Libra is supposed to have. However, Wade points out,
“We’re seeing Facebook maybe trying to play the field a little bit, and they don’t know what it’s gonna look like when the dust clears. But they want to have all of their options out there.”
He adds that it seems that Facebook will either create their own option, or they will buy a company like Venmo.
The cryptocurrency industry is getting close to the upcoming Bitcoin halving, but the focus seems to be on the adoption by consumers so far. Even though the U.S. is not nearly the leader in the industry, analyst Eric Wade has noticed some interesting patterns, which he discussed with the hosts of Boom Bust.