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There aren’t many pieces of technology that can rouse the kinds of emotionally charged debates that Bitcoin can. Lauded as a tool to financially empower individuals by some, and decried as a scam by others, the currency has taken the world by storm.

However, even some of BTC’s most dedicated disciples have wavered in their faith as the bitcoin price has fallen more than 50 percent.

Government Regulation

Governments across the globe began scrambling to appropriately regulate the industry as cryptocurrency rose at unprecedented rates throughout 2017 and into 2018. This was to protect investors as well as collect tax revenues.

Some countries acted swiftly and harshly; China set a sweeping set of bans into motion that ultimately outlawed domestic crypto exchanges and ICOs. These bans sent the cryptosphere into a tailspin; markets shed billions.

Rumours that South Korea was considering banning domestic cryptocurrency exchanges had a similar (and even more drastic) effect on the price of Bitcoin at the end of 2017.

The United States has acted rather slowly and steadily to regulate crypto.

Self-Regulations: Internet and Social Media Firms Take Measures Against Crypto

Companies like Facebook, Google, and Twitter have taken it upon themselves to prevent customers and users from using cryptocurrency services. All three internet giants have made the decision to ban advertisements for cryptocurrency-related services.

Facebook was the first of these firms to make the decision, announcing its discontinuation of crypto ads at the end of January. Google followed in mid-march; Twitter announced its decision on Monday, March 26. Within 24 hours of Twitter’s decision, the price of a single Bitcoin had fallen more than $600.

When it Comes to Bitcoin Not All Publicity is Good Publicity

Everything moves at lightning speed in the world of cryptocurrency–in less than two years, the cryptosphere itself has exploded from a fringe hobby into a global movement worth hundreds of billions of dollars.

Because everything moves so quickly, words and opinions have significant and immediate effects on the price of Bitcoin. This phenomenon often causes self-fulfilling prophecies; if a major news source reports that the price of Bitcoin is headed upward, investors rush to buy BTC, which then causes the price to move upward.

A Whole New Animal

Bitcoin (and cryptocurrency and general) is such a young concept that many traditional systems of belief about the way that assets behave don’t really apply to it.

While the decision of whether or not to ‘hodl’ your coins is tough, no one can say for certain what the right thing to do is–anyone who does is lying.

The truth is that no one can predict the future. However, we do have the unique opportunity to watch the future of Bitcoin unfold.