The narrative of Bitcoin (BTC) is difficult to pinpoint now, but as with early internet stocks, the digital currency will experience real traction soon – according to Meltem Demirors, a digital currency advocate. Demirors further added “new technologies that cause a paradigm shift usually take a while to understand.”
Despite the aspiration of Bitcoin (BTC) to be a safe haven asset, the digital currency hasn’t experienced an increase in value with the recent stumble of the Turkish lira – which tested a new all-time low against the U.S. dollar.
Bitcoin (BTC) Price Trend
Except for the brief rally it saw last month, the digital currency has been on a short-steady downward trend after it tested the high of $20k in December last year. Even the recent announcement that Intercontinental Exchange would help build a digital currency ecosystem that is regulated and open, the digital currency only experienced a little increase in its value.
An Opportunity in Disguise
The dip in the value of the digital currency might be an opportunity in disguise, but people are not seeing the digital currency as a store of value because it is struggling with a narrative issue, says Demirors. Demirors said that retail and institutional investors should ignore the value of the coin and think of digital currencies as early internet stock, such as Microsoft, Intel, or Amazon. Although they are successful now, they encountered several challenges at their initial stages.
Demirors added that no one knows when the digital currency will start to regain its value, or in what magnitude it will do that, but the progress of the coin will rely on determining which metrics are best for measuring the growth of the digital currency – its value or its real-world application.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $6,005 after a decrease of about 6 percent over the past twenty-four hours. The digital currency has a market cap of $103.63 billion and a trading volume of $4.88 billion over the past twenty-four hours.