The Bitcoin Craze Drives Apps’ PopularityDamien Moye
Do you own Bitcoin? Would you like to? You may be out of luck because as of 10am today, one Bitcoin costs you over $16,260. It’s also driving up popularity on some apps. The Bitcoin craze drives apps’ popularity.
So take apps like Coinbase. This company is worth over a billion and a half dollars. Furthermore, what’s driving their success is the exchange from cash to crypto currency. I say cash because silver and gold don’t back our US dollar, but supply and demand does. That means people, at least those who can afford to, are trading dollars for Bitcoin. It’s also the same story globally.
Now, Coinbase has the #1 most popular app in the Apple Store. So when Bitcoin jumps 20% in 24 hours, it’s natural that Coinbase will take advantage of this. In fact, this app is so popular it literally shut down. We can thank unbelievable demand for that. So many people wanted Bitcoin that the entire website shut down. But yesterday was yesterday and today is today. Today, Coinbase is up and open for business again. However, this isn’t the first time. Early this year, apps either selling and/or promoting Bitcoin shut down for the same reason. And that was back when Bitcoin was around $2,000.
The IT service industry never ceases to amaze me. Some call this the new dot com bubble. I know of one client who came to our computer service shop and invested in Bitcoin. That was around May 2017. So he must be making a killing. However, we need to be careful. Yes, the Bitcoin craze drives apps’ popularity. But let us not forget history. The Bitcoin party isn’t going to last forever. It’s even slipping a little today. In the late 2000s, it was the housing market, in the early 2000s, it was the dot com that burst. Back in 1929 , it was easy credit and shady stocks that caused a chain of disaster. Are you sure you want to invest in Bitcoin?