Starting now we could say that the crypto industry in expanding from a niche to a historical movement. While there were and are social, cultural, artistic, economic movements along the history the crypto movement manages to assemble them all in just one. If we analyze the core of the crypto industry, we will find:
- the artistic and the science sides developed by innovation;
- politics and the constant search for regulations / to ban or not to ban;
- the “social” that comes with large groups of people debating on the subject;
- the cultural or the change in the perspective plus the working approach in all the societal industries;
- and last but not least the financial revolution.
As we’ve seen in the past years, the crypto industry grew at an incredible pace and what started as innovation evolved in a community who apparently is willing to fight for their “right to crypto”. From normal people to corporations and businesses.
Although almost everything revolves around money, the creation of crypto gave voice to a mute and insecure idea. The freedom to have money. Your own money. Here are some aspects contributing to the development of the Crypto Movement.
Cryptocurrencies have unleashed passions and opportunities for businesses, investors and even countries
The Cultural Aspect
Last Tuesday, the Kodak group announced that it would soon launch its own cryptocurrency, KodakCoin.
The market value of Kodak rose instantly on Wall Street, from almost three dollars to almost eleven dollars in only a few hours over two sessions, before decreasing last Thursday at around 8.40 dollars. But the progress remains impressive.
Still, Kodak is not the only company to have seen the potential of cryptocurrencies, and there is a catch to this sales strategy. For example, a company specializing in the sale of iced tea has added Blockchain in its name, and its stock price has exploded.
Another company that sells fruit juice has changed its name to Future FinTech Group, getting closer to Blockchain, cryptocurrencies, and so on. There is also a company that essentially sells sports bra, but it is called The Crypto Company.
Given the spectacular evolution of Bitcoin and blockchain technology, if you add “crypto” to your company’s name or at least associate it with the concept, success is to be expected soon, meaning a rise in value.
The companies are surfing on a wave that no longer affects only insiders, savvy investors, but now also the general public. This is undoubtedly where this wave becomes delicate, perhaps even a bit dangerous.
The Social Aspect
On Twitter, some celebrities started to advise their followers to invest in Bitcoin, saying that it is just starting to develop, and it is time to take a little interest in it because it allows you to earn money without investing much. And there are millions of other examples that we can find on Reddit, Facebook, Twitter, conferences and so on.
Financial markets authorities from some countries, like France or China and South Korea, for example, intervened to remind people that investing in Bitcoin is risky and you can lose your money easily. The chairman of France’s market regulator described Bitcoin as a “dangerous illusion” and a tool for criminals, siding firmly against the notorious cryptocurrency.
Chairman of the Autorité des Marchés Financiers (A.M.F.), Robert Ophele, said in an interview for Bloomberg that “It’s a way to purchase illicit goods, it’s a way to launder illicit income, it’s a way to develop and pay for cybercrimes and it’s a pure empty commodity. If it were a currency, it would be a very bad one.”
China has outlawed ICOs. The senior official at the National Internet Finance Association of China and former president of the Bank of China, Li Lihui, declared, during a conference in Shanghai, that global regulators should work together to supervise cryptocurrencies.
In South Korea, the government still decides if it should ban cryptocurrency exchanges or to keep only the legitimate ones. While the tensions rose more and more, people have started a petition against the halt which raised hundreds of thousands of signatures.
The Artistic Aspect
In their opinion, the main danger is in the triviality with which cryptocurrencies are viewed by the public. This wave tides worldwide. In Japan, for example, the craze for crypto is so great that a group of girls – they are eight, and they are aged between 15 and 22 – have created a pop music band called Kasotsuka Shojo, the virtual currency girls.
The first concert of this Japanese girls-band was planned last Friday and their first song, called The Moon, Virtual Coins and Me, warns listeners against fraudulent cryptocurrencies and gives the advice to protect themselves and their digital wallets.
Meanwhile, last Friday morning, Bitcoin was trading around $13,500, while a few weeks ago, it had almost erased the threshold of $20,000.
It is true that you can make money investing in cryptocurrencies, but there are some risks too. The risk is associated with investment and as in any business, you have to risk to win and ultimately back it up with work and research. And even though the central banks and the governments are cutting the wings of the investors the community behind cryptocurrencies also invests in the vision behind bitcoin and altcoins. And also in the technological developments of the blockchain.
FUD or not FUD the blockchain technology is here to stay, evolve and used by the generations to follow.