With recent news reporting that over 800 cryptocurrencies are now considered dead, is the end of Bitcoin upon us? Are cryptocurrencies a fad that will be obsolete within 5 years? Cryptocurrency Experts give their insight into whether the death of crypto is upon us.
Max Kortrakul, Carboneum
Max Kortrakul, Founder and CEO of social crypto trading platform Carboneum, commented:
Whilst there is uncertainty over the future of Bitcoin, the fact remains that there is a large amount of wealth tied up in the currency; therefore investors will be attracted to it. Its value is a long way from the $20K mark we saw late last year, but even if the price is to settle at $6/7K long term- it remains an exceptionally high price for what is a brand-new form of asset.
The news that 800 cryptos are now ‘dead’ does not necessarily point to cryptocurrency being a fad. Whilst that is a high number of failed or scam projects that many a well-meaning investor may have lost money on, there are also a far greater amount of genuine, innovative projects that are going about it in exactly the right way. The true success of the crypto-sphere will only become apparent over the coming years as all of these fresh projects mature into the businesses they are aiming to be.
David Sapper, COO at Blockbid
David Sapper, COO at Blockbid said:
I believe that the hype has barely even begun. Only 1% of the global population owning any cryptocurrency and news of banks and financial institutions looking incorporate blockchain technology and invest in cryptocurrencies, I think there will be a more mainstream adoption in the coming 18-24 months. Bitcoin and cryptocurrencies as a whole have become sensitive to changes in the market and with the news of Facebook lifting the ban on cryptocurrency, some confidence has returned to the market which in-turn has seen price increases within Bitcoin. However, one thing that needs to change is the altcoin market’s dependence on the price of Bitcoin – altcoins suffer/improve based on bitcoin’s price changes and this is one aspect that needs to change for a healthy crypto market.
Many investors look to cryptocurrency to expand and diversify their investment portfolio. The cryptocurrency market is such a young industry and with the correct legislation and regulation, I believe cryptocurrencies will become part of our daily lives. The technology behind cryptocurrencies, blockchain, is being harnessed by numerous sectors and I wouldn’t be surprised if some companies create their own cryptocurrencies for internal use. As the technology improves, there will be more interest in virtual currencies and we will certainly see a wider adoption of these in the future.
Alexey Burdyko, CEO and Founder of Play2Live
Alexey Burdyko, CEO and Founder of Play2Live added:
Bitcoin is currently going through the bear market and will, as it has done before, come out the other side and whilst it might not hit the heights of late 2017, it will still have considerable value. It’s fair to say 2018 has not been the best for the coin, with more than one hack affecting the price. It is an ugly period for the but we must remember this is a coin that has already bounced back from the decline of just a week ago. What cryptocurrency lacks is trust and without trust you’re always going to be one step behind. With every failed ICO, we see another achieve success but this success is just a lot harder to achieve when there is limited knowledge on the market and limited regulation. Once we begin to see more regulation enter the cryptocurrency market, we will begin to see the a further rise in the market. Investing in cryptocurrency is a speculative investment. The market is unregulated and is incredibly volatile. Anyone considering investing should be prepared to lose vast amounts before they begin to see a profit.
Founder of Bitcoin.Live, Bob Loukas concluded:
Is the Bitcoin hype over?
The Bitcoin hype is definitely not over, with mainstream uses being created every day we are only beginning to see what this phenomenon can do. Whether it’s something as huge as accessing wealth previously unattainable through decentralisation or as simple as new ways of payment, we are not done exploring the possibilities yet. With Bitcoin itself growing in strength as an asset up 150% overall from this time last year, we need to consider not only the infancy of the technology but the constant critique committed developers are undergoing.
One of the biggest misconception about Bitcoin and cryptocurrency is that it is a passing fad or at best a bubble that will eventually pop. The reality still remains that Bitcoin is one of the best performing assets of the decade across the board. Many investors are still pumping money into cryptocurrencies and are getting a great return when doing so carefully and with basic knowledge. A good investor will know that the key to successful investment is to invest for the long term, not the short term and that they shouldn’t panic sell when the price falls.