Bitcoin’s price history has followed Gartner Inc.’s “Hype Cycle” model, a branded geographical presentation of a 5-step process by the well-respected computer research firm, noted Zafar Khan, CEO of RPost, a provider of electronic communications, in a recent blog.
This gives some legitimacy to the idea that bitcoin and blockchain are maturing and it might be a good time to consider investing in the technologies. The blog also goes into what Khan thinks is really new about blockchain — namely that it is an open source technology — something that is useful in some situations but not others. Some things hyped as new are not really new in his view.
Bitcoin’s ‘Hype Cycle’
Bitcoin’s hype cycle began in late 2013 when it became available to mainstream users. The price rose in a few months from a few dollars to a thousand, fueled by the hype that bitcoin could become a mainstream world currency.
When users realized there were limited ways to spend the cryptocurrency, the price crashed – almost perfectly following Gartner Inc.’s hype cycle.