Let Us Talk About the Future of Crypto

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The past week has seen the cryptocurrency bear market thrive on its position with prices plummeting to their lowest since October 2017. In August 2018, Bitcoin prices had started the downward freefall with prices threatening to hit below the $5,000 mark, and they eventually did in November. Cryptocoinjunky has posted articles on the reasons behind the Bitcoin crash which had been highly anticipated due to the splitting up of Bitcoin SV and Bitcoin ABC.

Back in August, cryptocurrency experts were markedly optimistic about Bitcoin prices recovery. Meltem Demoirs of CoinShare actually compared Bitcoin to internet stock prices. According to him, new technologies that capture the attention of many usually tend to face incredibly challenges severally before being fully utilized and prospering. He envisioned crypto technology as such an invention.  

Expert analysis

Since Bitcoin took off in 2009, cryptocurrencies have made significant strides in the digital currency world. But the question still lingers on the worth of digital assets investments in the future. Let us have a look at a few comments and market predictions from crypto experts on the current cryptocurrencies state.

Bitmex’s crypto expert Arthur Hayes believes that Bitcoin prices will hit $50,000 by the end of the year. This is despite the severe plummet of prices across the board that has been experienced in the last few months.

A sitting panel put together by investment company Finder analyzed the top performing coins by market cap. The predictions were set on an overview of 2018/2019 market price analysis.

  • Bitcoin (BTC),
  • Ether (ETH),
  • XRP (XRP),
  • Bitcoin Cash (BCH),
  • EOS (EOS),
  • Stellar Lumens (XLM),
  • Litecoin (LTC),
  • Cardano (ADA),
  • Monero (XMR) and
  • TRON (TRX)

In summary, the panel was optimistic that XRP, ETH, and EOS will increase in value by almost 200% by the end of 2019. Bitcoin will follow suit by an increase of 177% and Bitcoin cash by 77%.

Jeet Singh boldly compared crypto to Apple and Microsoft stating that it is completely normal that cryptocurrencies fluctuate by 70-80%. The volatile market may be unappealing to most investors but according to the investment portfolio manager, the more stable business models and crypto technology becomes, the more confidence it should inspire. Is he right? Is it a short term or long term prediction?

Kristjan Dekleva, a Swiss-based financial analyst and asset investment expert seems to see the future in crypto will be a long time coming; a decade, but will surely be worthwhile. He seems to echo the sentiments by Meltem Demoirs as far as cryptocurrency market stability is concerned. According to him, crypto downfalls have ‘been caused by emotions and misinformation where small rumors have a big impact.’

Kenneth Rogoff shades the sentiments of Kristjan and says that the price of Bitcoin will be worth $100 in ten years. Rogoff based his argument on the regulation of cryptocurrencies that he is sure will cause the market to plummet. In his expert opinion, governments and regulatory bodies hardly seem to grasp the technology behind digital assets and for this reason, the market will be hard hit as financial bodies come up and design regulatory frameworks regarding crypto transactions.

Gemini co-founder, Cameron Winklevoss is also optimistic, although on the drawn outside of things. He is sure that the price of Bitcoin could go up by 40%, in a decade or so. He also stated that the crypto market is highly underappreciated and it is one of the reasons why the market is so volatile.

Bobby Lee, co-founder of BTCC made a lauding comment on twitter regarding the value of Bitcoin compared to that of gold. On November 20th, 2018, he tweeted that Bitcoin is currently 1/8 the value of gold. He predicts that Bitcoin’s ‘rise to the top’ will not come easy but is definitely an outcome to look forward to. Only ‘true believers’ will survive to reap exceedingly great profits from Bitcoin after the bear season subsides.

John McAfee, the ever bullish supporter of Bitcoin came out hard on panic sellers today and asked them to relax or just get out of the market altogether. His tweet is unprintable (the cursing alone) but he has a point. According to him, the cycle of investment markets is always the same. Cyclical. It has ups and downs; at times the down being brutal and it does not help that investors are panicking. ‘Bear markets are like winter, it’s always followed by a glorious spring.’ He points the recent crash on fear, ignorance, misinformation, and uncertainty.

Conclusion                                                                              

With the sentiments above and numerous others not posted, I think it is safe to say that yes, indeed the market is notoriously volatile, unpredictable, but not uncertain. Bitcoin prices will rise. For one, the crypto market is in constant expansion. For example, Saudi Arabia and the UAE are developing a cryptocurrency that will be launched mid-2019. Intercontinental Exchange, owner of the NY stock exchange has plans underway to open a Bitcoin futures product, the Bakkt Bitcoin Daily Futures Contract, which will be launched in early 2019.

Cryptocurrency regulation will aid the digital assets market to stabilize, even though short term, it will and is currently causing prices to drop (refer to recent developments in South Korea and China).

Francesco Fusetti CEO of AidCoin stated today that the drop in prices is actually beneficial to the market as it weeds out weak performers and strengthens knowledge of digital assets trading. Bitcoin has been the top performing coin in blockchain technology since its inception and has set a standard for virtual currencies.

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1
Bitcoin
Bitcoin
$3,302.74
-5.47%
3
Ethereum
Ethereum
$85.728
-6.02%
2
XRP
XRP
$0.2990
-2.87%
7
Bitcoin Cash
Bitcoin Cash
$90.253
-11.67%
9
Litecoin
Litecoin
$23.690
-4.66%
11
Cardano
Cardano
$0.029146
-5.38%
4
Stellar
Stellar
$0.1061
-7.16%
18
NEO
NEO
$5.689
-7.09%
6
EOS
EOS
$1.8534
-7.40%
13
IOTA
IOTA
$0.2195
-6.11%

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