As we approach 2019’s ending, blockchain use cases continue to add up, and the cryptocurrency markets continue on their roller coaster of a ride.
The case for Bears:
- The congress hearing around Libra last month could have scared away other classes of investors (for now)
- Privacy concerns around the Chinese state-backed digital currency adds fear for adoption rates (and that the US could fall behind China in adoption and applications)
- Fewer Thanksgiving dinners this year will have conversations around cryptocurrencies, thanks to the current state of Bitcoin, Litecoin, and Ether
The case for Bulls:
- Singles Day in China was a record-smashing event for Alibaba, who grossed $30 billion in a single day, powered by…blockchain technologies for supply chain tracking
- Bitcoin is still trading at more than double its 2019 low of ~$3,400
- More and more pilot projects with practical applications are being adopted across the US, such as trading renewable energy credits via a blockchain (https://www.coindesk.com/vermont-utility-customers-to-trade-renewable-energy-credits-on-lo3-blockchain), which helps move talking points for use cases forward from within local governments and economic development
Blockchain is powering the new space race, by
- Tracking space debris
- Building more efficient satellite networks
- Tokenizing commercial space missions
Where do you think we’ll be by Thanksgiving next year?
No matter what the crypto markets do, there will surely be more progress on practical applications from blockchain technologies.