I’ve written a lot about Bitcoin. I’m a believer as I think it will be the transactional plumbing of the Internet and mobile and lots more in due course.

But the story right now is the sagging price of Bitcoin.

In full disclosure I’ve started buying it again after staying mostly on the sidelines for most of the past two years.

I have never owned much Bitcoin. I give away or spend what I buy. I am not a hoarder of Bitcoin. I don’t care about that aspect of Bitcoin, although many (most?) do. I care about it as programmable money.

But, of course, Bitcoin’s price is a function of its promise. Why own Bitcoin if it has no future?

So does a sagging price mean sagging promise?

In the long run, absolutely.

In the short run, not so much.

The market price of an asset in the short term is driven by emotion (greed vs fear), liquidity, technical factors, and a bunch of other things. Right now, those factors are driving down the price of Bitcoin. Last year they drove it up.

I continue to believe that the thing to watch is not the price chart, the volume chart, or any chart. The thing to look at is Github, Hackathons, Accelerators, and everywhere else that entrepreneurs and developers showcase their work. That’s where the future of Bitcoin and its promise will be determined. And right now, based on what I’m seeing, it’s future is very bright.

For another take on this same question, William Mougayar has a post up today on the same topic.