Has Civic Been Waiting For A Moment Just Like This?
Civic is the creation of Vinny Lingham, who formerly founded Gyft, a business he later sold for approximately $50 million, if I remember correctly. Vinny became interested in Bitcoin during his time with Gyft and actually added BTC as a payment method in an attempt to resolve the tremendous amount of credit card fraud they were experiencing at the company. The implementation of BTC actually turned out to be a very good move and brought an end to the majority of the problems they were experiencing. Anything that has the ability to help a business owner improve his business also has the ability to capture his attention. This is exactly what happened with Vinny, sending him down the Bitcoin rabbit hole. Vinny went on to make some pretty astounding BTC price predictions, which later coined him the nickname, ‘The Bitcoin Oracle’.
Civic launched their ICO just prior to the ICO frenzy that rocked the majority of 2017. One thing that Civic got right was to shift the majority of their capital from ETH into USD just after the finalization of their ICO. This gave the project a wealth of resources, allowing them to continue paying the team during the tough years of 2018 and 2019. Civic is essentially an AI powered identity service that aims to verify a user once and then allows users to interact based on one initial identification process, thus making ongoing KYC with multiple platforms and services redundant.
Some may feel that this is a bit controlling, as the entire model is based upon KYC. However, that is the way things are heading. Many choose services that do not require KYC but the day is coming when that will become increasingly difficult. So, would it rather not be better to disclose your details once, to a company that will authorize you and enable you to interact based on that authority? This is the argument that may cause Civic to appear to be the better option in time to come. Since covid, it is very clear that this type of model is going to become the default design. Love it or hate it, this type of interaction is definitely on the way, making Civic a potentially good investment.
One ID verification that encrypts data and then enables users to interact freely without multiple barriers of entry. It seems logical that such a model will eventually take off and that is when I would like to be already holding a decent bag of CVC!
Civic In The Charts
CVC has performed relatively well in the recent bearish trend and is showing signs of a significant trend reversal. Looking at the chart below, it becomes very clear that there is a beautiful double bottom in play.
The neckline has been broken and it is looking very likely that this will be a valid pattern, potentially triggering some significant upside. The market cap of CVC is $226 million at the time of writing. I must admit that I do prefer smaller market caps but there is definitely a lot of room for a lot more upside and growth. I am not necessarily a big fan of Civic but I don’t allow biases to rob me of an opportunity to make bank. There is potential and I will be watching and slowly building up a small stack of CVC.
Always remember that these are my my views and not investment advice. Do your own research and make your decisions accordingly. All the best!