In the past eighteen months or thereabouts, the price of Steem has been on a steady decline. From a peak hovering above $7 in the January of 2018, Steem presently trades at roughly sixteen cents.
As a matter of fact, a recent article featured on CoinMarketCap.com pointed out that Steem has recently hit an all-time low against Bitcoin.
Although the altcoin market is generally down, some coins appear to be the worst hit. Unfortunately, Steem is not doing too well in that regard.
Despite the drawbacks, however, there are still reasons to be bullish on Steem. This article explores top five reasons why you can still be bullish on Steem.
1. The Release of SMTs
The release of Smart Media Tokens (SMTs), which, according to schedule, should roll out by the first quarter of 2020 will be a game changer for Steem.
For quite a long time now, the Steem community has been waiting indefinitely for the release of the SMTs but all to no avail.
Until very recently, Steemit Inc seems not to have shown enough commitment towards the development of the SMTs.
Nevertheless, there seems to be light at the end of the tunnel. The commitment towards the release of the SMTs, it would seem, is now in top gear. Also, the communication from @steemitblog has been excellent so far.
The release of the SMTs will lay a solid foundation for the tokenization of the internet by leveraging on the Steem blockchain.
Hopefully, investors and businesses seeking to launch their own tokens and build a community will come on Steem. And of course, that will have a positive impact on the price of Steem.
2. The Emergence of New Steem
The emergence of the New Steem is, frankly speaking, one of the best things that has happened to Steem.
The new economic model has, without bias, fixed most of the loopholes in the Steem ecosystem. From holding Steem power nearly for altruistic reasons, investors can now hold Steem power for decent returns from curating.
Also, the New Steem has discouraged indiscriminate vote buying and selling, to the extent that bid bots now curate good posts to earn curation rewards. What more can be expected?
Not only that, the free downvote pool has given everyone the liberty to police the Steem blockchain and sanction reward pool abusers accordingly.
It is therefore no exaggeration to say that the advent of the New Steem will positively impact the price of Steem in the coming days.
3. Tribes and Steem Engine
So far, several prominent tribes such as Palnet, Steemleo, Marlians, Stem, Lassecash, etc have emerged.
The interesting thing is that all the tribes have their own audience and tokens which can be traded for Steem on Steem Engine.
The idea of Tribes and Steem Engine may appear trivial to some persons but that's what has kept several Steemians on this platform to this very moment.
In the months ahead, the surviving Tribes will become stronger, create more opportunities for those who missed out in the early days of Steem, and attract more investors.
Surely, the success of the tribes will positively impact the price of Steem.
4. The Bitcoin Halving of May 2020
Whether you like it or not, whether you admit it or not, Bitcoin remains the king of cryptocurrencies.
Therefore, whatever happens to Bitcoin is very likely going to also affect other altcoins in the market.
May 2020 is very important for Bitcoin and by extension the crypto community. This is because historically the halving of Bitcoin has had positive impact on Bitcoin and other altcoins.
If history repeats itself, the year 2020 may be historic for Steem and other altcoins in the market.
Yes, you read that correctly - greed. Psychologically, greed is a constant human instinct which drives human behaviours and choices.
As I pointed out in the introductory part of this article, a few days ago Steem hit an all-time low against Bitcoin.
This is not going unnoticed for many large investors who were here during the last bull run. History has shown us that many crypto investors prepare to buy the dip and sell the peak.
As events are playing out, Greed and History will collaborate to bring back runaway investors. And that should have a positive impact for Steem, especially now when Steem Power has become gold.
Until I come your way again, I wish you a full Steem ahead.
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