Hemp has the potential to be used in almost all sectors in an economy. The popularity of hemp will lead to a hemp revolution with global knowledge of its potential benefits. There is, therefore, a possibility that in the coming years, many foods and most household products will be made of industrial hemp from building materials, to bio-plastics, clothing, food, beauty products, and make-up to paper. And what does this really mean economically?
It means that there will be many hemp factories in many countries in the world specializing in converting produced hemp into finished goods. As such, most people will also be employed directly or indirectly through hemp.
The product has a normal supply chain employing suppliers of farmers like seed suppliers, pesticides and equipment manufacturers. It also employs farmers, transport dealers, manufacturing dealers and retailers of the product.
Bitcoin Trends from 2011 to 2019
But before the potential of Bitcoin and industrial Hemp can be compared, let us examine a few past Bitcoin statistics. In the year 2011, the price of Bitcoin started at $0.30, then it grew to $5.27 in the same year, its price then rose to $31.50 before falling down to $11.00 and later on $7.80 in the same year.
In the year 2012, Bitcoin prices started from $5.27 in January, it went up to $7.38 within the same month then crushed down to $3.80 before rising to $16.41 and then falling down again to $7.10 in August.
In the year 2013, Bitcoin prices started from $13.30 rising to $770 by 1st January 2014.
In the year 2014, the price of Bitcoin dropped to $314.
In 2015, Bitcoin prices rose to $434.
In 2016 the prices of Bitcoin rose to $998.
In 2017, the price of Bitcoin started at $998 by 17th December the price had skyrocketed to $19,666 before dropping down to $13,412.44 by 1st January 2018.
By 1st January 2019, the price was down to $3,747.
Can Hemp be Really Compared to Bitcoin?
It is important to acknowledge that though industrial hemp has the potential to become America’s new gold, that it is a goods-based industry product. Industrial hemp is the only product that is a superfood and technical material at the same time. Hemp has the potential to construct your home, fuel your car, be a part of your bread or cookies, clothing, shoes, plastics and medicine. What’s more, it is pet food and bird food too.
The industrial hemp market is a goods based market controlled by forces of demand and supply. The finished goods, for example, sunscreens, lip balms, hempcrete, hemp teas, hemp cookies, hemp bread, hemp CBD oil, hemp bioplastics will compete with other products in the market and therefore they cannot be overpriced. This is in contrast to Bitcoin.
On the other hand, the organizations dealing with its manufacture and trade can be listed on the stock exchange and compete with other stocks in the global scene. Whereas dealing in hemp production can be very predictable with farmers able to know to some extent what profits they will make from the sale of their produce, this is not the case with Bitcoin. The Cryptocurrency industry is a volatile market that is quite unpredictable.
Hemp is a sustainable cash crop to deal in. The crop produces natural fibers and not synthetic fibers. The good thing with hemp is that it doesn’t require special equipment. Therefore, farmers who already have infrastructure and equipment can switch to hemp growing easily. Farmers who have been growing other seeds like wheat or soybeans can still use the same equipment, and just make little modifications and they are good to go.
Hemp Trends in 2019
Although hemp trends cannot be predicted to the letter in 2019, following the signing of the Farm Bill by Donald Trump in December 2018, hemp is likely to attract new investors in the year 2019. There is also a likelihood of other countries in the world emulating the legalization of hemp in the USA and also making it an ordinary agricultural product in their own countries. This may lead to a worldwide hemp revolution.
The legalization of hemp in the United States and Canada means that more consumers will get to know about the benefits of hemp. Therefore, new factories producing hemp products are expected to sprout in the United States and Canada. However, because the product is still new to farmers, some farmers may want to get into growing it slowly as they wait for the demand of the product and factories to pick up.