Francis Pouliot, a Bitcoin maximalist and co-founder of Bull Bitcoin, says that in 2019, the demand for Bitcoins fundamental value as a store of value will increase. He believes that by people building on Bitcoin and thus adding to the value proposition of Bitcoin, the price of Bitcoin will help in price recovery. The price of Bitcoin, which has continued to fall from around $6000 in the summer is right now trading at a price of $3800.
Pouliot says that he sees apattern in Bitcoin prices, where it has high volatility with steep rises anddeclines, but with each of these cycles, more Bitcoin users and owners areadded. Since he thinks that it is the people that give Bitcoin its value, thenew influx of people gives Bitcoin more real value.
Pouliot thinks trading inBTC is futile, and is instead looking to have a stable income and profits inBTC, and not owning fiat. This is something he sees as adding more value toBitcoin since payments and salaries in BTC also drives up the price. Even ifmost of it is converted to fiat, the amount that is being held by other peopleand entities reduces the availability of Bitcoin constantly.
But for Bitcoin to be able to scale to become what he considers a global currency which he calls a ”Bitcoin Standard,” Bitcoin will need to have more adoption of the technology which is used for scaling Bitcoin called Lightning Network, something he also sees happening in 2019.
He sees 2019 with more merchantadoption than the two previous years and sees a bigger demand in Bitcoin as astore of value, as he sees the finance world preparing for an economic crisiswith.
While he thinks that a financial crisis is looming in 2019, at the same time new investors and money are waiting to get in. Some of these new investors might also look to Bitcoin and other cryptocurrencies as protection from an economic downturn. However, as the market seems to be heading into a recession, Bitcoin has not yet been tested as a haven for investors looking to escape it.
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Bought my first Bitcoin in 2013, but when Ethereum was released in 2015 I decided to make cryptocurrency my biggest focus in life since I realized what impact smart contracts will have on society. It has since then been my biggest passion in life and it usually takes up most of my waking hours. I like to program and have followed and interacted with what happens in blockchain pretty much constantly during this time, and spent countless hours researching this amazing technology. I believe this is why I have a good technical understanding of all the different blockchains and its concepts, which is something I try to do my best to spread while working at Toshi Times.