Make no mistake, 2017 has been Bitcoin’s revival year. The price broke several all-time-highs multiple times, three years after reaching its previous highest price of $1,149 back in November 2013. And that was only part of the insanity — begun, the crypto bubble has. In the 2010s you don’t really exist until you’re the subject of hundreds of internet memes, though — so here are some of our favorites from this crazy year.
Memes of 2017: The Moon Year
Bitcoin started the year with $960 and went on a wild bull run over to $20,000 in mid December, while all the Internet kept yelling “Moon!” and “Hodl!”
Given all this moon talk, the next meme was kind of obvious. But we’re glad they did it:
This year has seen some big players in the financial world — namely Jamie Dimon, CEO of JPMorgan Chase — take on Bitcoin, calling it “stupid” and laughing at anyone who buys it. And yet, Dimon’s own company ended up buying on a price dip.
We also had anonymous celebrities emerge, like the “Bitcoin Sign Guy”, who very casually trolled Federal Reserve Chairwoman Janet Yellen by showing a notepad with the words “Buy Bitcoin” while on national television. He was then showed the gratitude of hundreds of people who donated over 7 BTC in total at the time of publication.
No meme editing was even necessary in this case, making Bitcoin Sign Guy one of the few live-action memes in Bitcoin lore.
Futures and ICOs
With the opening of Bitcoin Futures contracts from the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), more traditional investors will have a chance to (indirectly) invest in bitcoin, with a view to setting a more stable price for the cryptocurrency. We can only hope that Bitcoin will keep reaching more people and climbing in value.
After seeing the insane returns bitcoin, altcoins and ICOs were giving their hodlers (people who buy and hold the coin) and other traders, China decided to ban cryptocurrency trading on exchanges — and also to ban start-ups from gathering capital through ICOs (initial coin offerings), which is a kind of crowdfunding technique by which investors give cryptocurrency (usually ether) to the start-up and get a token in return for their investment.
Bitcoiners were able to recycle some of their old memes from 2013-14 for this one:
Cashing in on Forks
In August, after much debate over scaling without consensus, large- and small-blockers went their separate ways and Bitcoin Cash (BCH) appeared. This is a minority though well-supported and contentious fork of the Bitcoin blockchain, which seeks to make Bitcoin a fast and cheap payment network by increasing the block size limit.
It made headlines not only due to the forking event, but also due to the high volatility during certain days, which brought the traders’ attention.
Speaking of forks, some people went out and just made lots of Bitcoin forks after Bitcoin Cash. Some forks were made in the hope to make Bitcoin “more fair” in terms of mining, e.g.: Bitcoin Gold. But some others seem to exist just to make quick money. Expect more of that in 2018, and be warned — the term “initial fork offering” (IFO) is already a thing.
If John McAfee is right and we really do see a $1 million bitcoin within a couple years, hodling just may be one strategy we all may want to apply.
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Cover image via Crypto Rand//Twitter