{"id":3167,"date":"2021-05-17T16:12:48","date_gmt":"2021-05-17T16:12:48","guid":{"rendered":"https:\/\/blog.thegentsplace.com\/?p=3167"},"modified":"2021-05-17T16:12:48","modified_gmt":"2021-05-17T16:12:48","slug":"bouncing-bitcoin","status":"publish","type":"post","link":"https:\/\/blog.thegentsplace.com\/bouncing-bitcoin\/","title":{"rendered":"Bouncing Bitcoin"},"content":{"rendered":"<p>\t\t\t\t<span style=\"font-weight: 400;\">It doesn\u2019t seem that long ago to us, but it\u2019s actually been years since we wrote a <\/span><a href=\"https:\/\/blog.thegentsplace.com\/what-are-cryptocurrencies\/\"><span style=\"font-weight: 400;\">Cryptocurrency 101<\/span><\/a><span style=\"font-weight: 400;\"> article to get Gents up to speed on this developing form of monetary exchange.\u00a0 But years before even that article, way before it was in the headlines, we were <\/span><a href=\"https:\/\/blog.thegentsplace.com\/a-gents-guide-to-bitcoins\/\"><span style=\"font-weight: 400;\">encouraging people to learn more about Bitcoin<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 Bitcoin is back in the news lately, and some might be wondering why and what has changed, if anything, about this particular cryptocurrency.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">News<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Part of the volatility we are seeing at the moment was led by <\/span><a href=\"https:\/\/blog.thegentsplace.com\/gents-guide-tesla\/\"><span style=\"font-weight: 400;\">Tesla\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> announcement that it was suspending Bitcoin (BTC) as a method of payment for its vehicles due to concern regarding unsustainable energy use for mining cryptocurrencies.\u00a0 However, Tesla had also recently sold off a portion of its substantial $1.5B holdings in BTC, leading to an additional $101M in its profits.\u00a0 Add in Elon Musk\u2019s combative and controversial tweeting and users cancelling their <\/span><a href=\"https:\/\/blog.thegentsplace.com\/the-tesla-cybertruck-the-future\/\"><span style=\"font-weight: 400;\">Cybertruck<\/span><\/a><span style=\"font-weight: 400;\"> orders in retaliation, and you classic storylines for volatility.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It&#8217;s &#8216;interesting&#8217; to see that one person, who&#8217;s company owns less than 0.2% of an asset class, which aims to be a store of value, has such an impact on price <a href=\"https:\/\/twitter.com\/hashtag\/volatility?src=hash&amp;ref_src=twsrc%5Etfw\">#volatility<\/a>.<a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/CITmOfHRUr\">pic.twitter.com\/CITmOfHRUr<\/a><\/p>\n<p>\u2014 jeroen blokland (@jsblokland) <a href=\"https:\/\/twitter.com\/jsblokland\/status\/1394173183884992512?ref_src=twsrc%5Etfw\">May 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">Platforms<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s only recently that both Paypal and Venmo have allowed users to buy, sell, and hold in crypto, including <\/span><a href=\"https:\/\/blog.thegentsplace.com\/ethereum-vs-bitcoin\/\"><span style=\"font-weight: 400;\">Ethereum<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 This signals more acceptance to the marketplace in general and introduces people to an easy use case on a platform they are used to.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Pandemic<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Government spending has led to inflation, and inflation often leads to capital flight into various asset classes as investors seek to hedge their bets and safeguard their assets.\u00a0 Cryptocurrencies, with\u00a0BTC as the most well-known and visible of them, have started to become part of those hedged bets.\u00a0 Additionally, younger investors, like those who use <\/span><a href=\"https:\/\/blog.thegentsplace.com\/the-gents-guide-to-robinhood-and-online-trading\/\"><span style=\"font-weight: 400;\">the Robinhood app<\/span><\/a><span style=\"font-weight: 400;\">, don\u2019t just see cryptocurrencies as a hedge, but as primary investment vehicles.\u00a0 \u00a0 This\u00a0has led to a lot of interest (and froth) in cryptocurrencies.<\/span><\/p>\n<p>But\u00a0these market moves that essentially\u00a0consider\u00a0BTC as a &#8220;reserve asset&#8221; seem to be signals against Tesla&#8217;s earlier move to use it as a form of payment.\u00a0 Yet,\u00a0these competing market signals indicate to some that perhaps BTC is &#8220;growing up&#8221; and the marketplace is beginning to see multiple simultaneous use cases.\u00a0\u00a0It&#8217;s still too soon to tell.<\/p>\n<p><span style=\"font-weight: 400;\">Whenever\u00a0BTC is at the top of the news cycle, you\u2019ll often find plenty of articles predicting its imminent demise or encouragement to \u201cget in now\u201d before it goes to the moon in valuation.\u00a0 We continue to hold the line we did when we first wrote about it in 2014: research and if it makes sense for you, maybe make a small\u00a0initial investment to drive your learning about it and other cryptocurrencies.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Do you hold any BTC?\u00a0 Any other crypto?\u00a0 What are your thoughts about this space in the short and medium term?\u00a0 The long term?\u00a0 Share with us in the comments.<\/span><\/i>\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It doesn\u2019t seem that long ago to us, but it\u2019s actually been years since we wrote a Cryptocurrency 101 article to get Gents up to speed on this developing form&#8230;<\/p>\n","protected":false},"author":3,"featured_media":3170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57,113],"tags":[228,420,293,421,717,294,718],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bouncing Bitcoin - The Gents Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.thegentsplace.com\/bouncing-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bouncing Bitcoin - The Gents Blog\" \/>\n<meta property=\"og:description\" content=\"It doesn\u2019t seem that long ago to us, but it\u2019s actually been years since we wrote a 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