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Kim Dotcom has always been an interesting figure in the history of the internet. Some of his previous business ventures have gotten a lot of attention, for better or worse. Dotcom is also a big fan of Bitcoin and cryptocurrency, which will be incorporated in his upcoming BitCache service. He is not too worried about the current Bitcoin price situation either, as his opinion is that “everybody will use crypto.”
Kim Dotcom Remains Bullish on Bitcoin
It is good to see individuals such as Kim Dotcom keep the bigger picture in mind in tumultuous times. The current Bitcoin price trend is a good reason to see the cryptocurrency markets as bearish. Some projects may even want to reconsider their affiliation with Bitcoin when prices are dropping like flies. However, it is simply one of the growing pains cryptocurrencies such as Bitcoin will have to deal with along the way.
K.im and Bitcache will introduce crypto to hundreds of millions of new users. Don't worry about #Bitcoin price. Everybody will use crypto
— Kim Dotcom (@KimDotcom) September 14, 2017
Dotcom confirms BitCache will introduce cryptocurrency to hundreds of millions of users in due time. Contrary to what cryptocurrency enthusiasts may think, Bitcoin and altcoins are still very niche markets right now. It does not take trillions of dollars to move markets by any means. Just one piece of news from a country representing 12% of all Bitcoin trading volume has been enough to send prices plummeting in short order.
Assuming Kim Dotcom can successfully launch BitCache and evade further governmental scrutiny, he may be one of the individuals to put Bitcoin on the global map. There is a dire need for more companies and service providers that are willing to experiment with cryptocurrency payments. The year 2017 has been pretty rough in that regard. Some retailers have reneged on their Bitcoin positions during the first half of 2017. With the current price drop looking worse by the hour, it is not unlikely some other retailers would do the exact same unless things pick up again.
At the same time, people often forget Bitcoin sees this bearish cycle virtually every year. The year 2017 started incredibly strong, but a correction was coming at one point or another. Anyone who expected something else has been sorely mistaken in this regard. Unfortunately, it appears the correction has been a lot steeper than originally predicted. Dropping from US$5,000 to US$4,000 was considered to be super bearish over a week ago. Right now, people are hoping that US$2,800 does not break, but it remains to be seen how things play out.
For his part, Kim Dotcom has no plans to go back on his idea to use Bitcoin and potentially other cryptocurrencies for BitCache and K.im. It will be interesting to see what these two services will bring to the table once they launch. Though it is unclear when that will happen exactly, it goes to show there will be a light at the end of this long and dark tunnel. There will also be other services enabling cryptocurrency payments moving forward.
Bitcoin is still in a good place right now even though the weekly price chart looks anything but positive. Now is a good time to detox from one’s obsessive cryptocurrency disorder and stop looking at the charts for a while, though we know just how hard that may be. Things will eventually settle down and Bitcoin will come out a lot stronger for it. These cycles occur on a regular basis and this time will be no different. The only question is how long it will take until the price recovers sufficiently to begin reaching for a new all-time high.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.