Here is What We Learned From CNBC's Bitcoin Segment on Fast Money
Last night CNBC did a segment on their Fast Money show that covered Bitcoin. Let's discuss three things we learned and what it could mean for the crypto space:
They Brought Hype To The Masses
(apologies for the fuzzy picture)
By showing the aggressive run up in Bitcoin and tagging it "Bitcoin Gone Wild" it most likely grabbed people's attention that may have heard of bitcoin in passing, but never really paid it any mind. Now they are likely suffering FOMO (fear of missing out)
Big Banks Are Getting In And Bitcoin Is The Name Brand
Notice how they labeled it "Bitcoin Tech." The commentator did say Blockchain technology when referencing what the big banks were getting involved in, however Bitcoin is currently the household name brand for blockchain and the crypto space.
So for the time being, Bitcoin is the Kleenex of tissues. (This is something I think will eventually chain as their are other alt coins with better tech, but that is another conversation.)
They Acknowledged Other Coins Exist
Based on the previous point we discusses, this is great that they listed "competition from other digital currencies" because now people are aware that there is OTHER DIGITAL CURRENCIES.
Interesting Times Indeed
It will be interesting to see if the continued mainstream media exposure creates a rush to the entrance of digital currencies or not, but at some point the psychological barrier or "what is this, I don't know about this" will be broken for the average Joe.
In the meantime, I will hold my bitcoin and continuing trading stocks with it through 1broker.
If you want to trade stocks and currencies using bitcoin - 1broker.com is the place to do it.
Regards,
All pictures from this post where taken from the 5/25 episode of cnbc fast money.
You're right about Bitcoin likely being "the Kleenex of cryptos." I know it even from myself in explaining Steemit to people and saying "...it's a bit like Bitcoin," because at least a few people I know have heard of BTC.
"Mainstreaming" is a long and tedious process. I think the last large scale parallel we can look at was "the Internet." Completely new technology to everyone. My first online account was with AOL for Windows 3.1. At that point, there were fewer than a million online users, and they were "deep nerds and gamers." Sure, "the Internet" was mentioned on CNBC (then FNN) but it was more of a novelty than a real thing. I think that's about where cryptos are, right now.
True "mass adoption" didn't really happen till 2003-05... that would be TEN+ more years. Maybe a little less, since tech moves faster now, perhaps 6-7 years. We have a LOT of room to "go somewhere!"
Very good point - we are in the novelty phase for alt coins and that could still last a while.
When I got on steemit last summer it was nearly all "gamers and techies" but over the last 10 months there has been a large influx of less tech savvy folks which bodes well for steem. :-)
Yeah, I think we're about right here:
About right, I'd say... I remember explaining email to people: "OK, to everything to the LEFT of the '@' is about WHO we are sending to, and everything to the RIGHT is about WHERE they are."
I still dont understand it all but I'm hanging on :)
Hold on tight and ride the wave, atleast that's what I'm doing! :-)
I totally agree :)
Interesting article. The comparison of bitcoin as the Kleenex of crypto currencies is keen and will probably hold true that better technologies will catch on, but I am old enough to remember the period of ancient history known as the 80s. And this is getting really getting deep into the field of archeology, but there used to be two versions of video cassette (beta and VHS). Beta was much better technology, but VHS was the Kleenex version and Beta just died off. Yes, I know VHS died out too, but it did have its day in the sun.
Yep, I remember good old VHS. Finally got rid of my old tapes few years back. Now I just have "ancient" DVDs...lol. But yeah, that's what's crazy - sometimes the better tech prevails, sometimes the first namebrand does. Worked for VHS, did not work for Myspace.
Great post @scaredycatguide Mainstream media plays a big role in the price of altcoins these days.
I think its one of the driving forces behind the current price of Bitcoin. I don't know how many times I've seen tech documentaries mentioning Bitcoin which is great because Bitcoin is a brand at the end of the day.
More coverage means more eager minds wanting to enter the world of crypto-currencies.
Oh btw I love the word FOMO. First time hearing about it. Thanks for sharing this! Upvoted :)
My pleasure!