How Bjorkâ€™s cryptocurrency album release reveals the Satoshi cycle
Known for embracing all things edgy, musician Bjork has announced that her latest album, Utopia, will be available for purchase only through cryptocurrencies. The artist will accept Bitcoin, Litecoin, DASH, and AudioCoin. Interestingly, the album cannot be purchased using normal fiat currencies.
The move by the musician may seem like a marketing strategy of sorts to appear unique and to draw attention during a time when Bitcoin’s rise has brought cryptocurrencies into the mainstream. However, according to Kevin Bacon of Blockpool:
“This really isn’t a marketing strategy with Björk. This is a decision to be a leader. In fact, it’s just the obvious thing to do for her. If I wasn’t involved in this project, I’d expect Björk to be a leader in this area, and for her team to be doing creative things with crypto.”
Virtuous Satoshi cycles
As adoption of cryptocurrencies increases, the price and number of transactions increase, causing greater price stability, and stability increases mainstream adoption. This process of adoption and stability has been referred to as a Satoshi cycle, and is the underlying driver for the increase in Bitcoin price.
Bjork’s album offering is simply another step in the ladder of adoption and stability. As the cryptocurrency market continues to gain traction, prices follow the adoption curve and drive the adoption curve concurrently.
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Author: Jon Buck