The cryptocurrency sector saw massive growth during 2017.
And while many expected the trend to continue well into 2018, that hasn’t been the case. But that could soon change, say experts.
What are cryptocurrency experts saying?
Scott Nations largely believes that Bitcoin is a bubble and it has no intrinsic value. He believes that the market will continue to unravel and the bubble will fully deflate. People can only have hope going forward.
Brian Stutland from Equity Armor Investments believes that if Bitcoin falls below the $6,000 mark that this will lead to a significant sell-off. This would see prices tank even further. He does think that the declining market is bottoming out. He is confident that with the number of transactions taking place within the Bitcoin network that it is inevitable that the price will rise in the future.
Stutland pointed towards the likes of Subway and other mainstream companies now accepting Bitcoin as a sign of good things to come. Tom Lee from Fundstrat believes that we have only scratched the surface when it comes to Bitcoin. When mass rollout of the likes of crypto debit cards comes about, exponential gains could be then on the horizon.
Roger Ver talked about his preference for Bitcoin Cash. As Bitcoin became largely unusable at points during 2017, many people turned to alternatives. They wanted faster and cheaper methods to conduct transactions. This could see Bitcoin Cash overtake Bitcoin in the long run for the likes of commerce purposes.
Ver also urged people to not put all of their investments into crypto. He also said not to put all of your crypto investments into a single crypto. Diversification is the name of the game.
While there are plenty of cryptocurrency bears, there are also bulls
Tim Draper for example says the market cap of cryptocurrencies will increase 400 times over the next 15 years to $80 trillion. “The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here,” he says.
This isn’t his first bullish view, though.
In early 2018, Draper noted that the cryptocurrency and blockchain movement could be bigger than the industrial revolution. Draper also noted that Bitcoin could reach $250,000 by 2022. In 2015, he even predicted the coin would hit $10,000, which happened.
According to Joey Krug, co-chief investment officer at Pantera Capital, “If you look at that next bull run, I think the crypto space overall could hit 10x from here.”
That could provide cryptocurrencies with a $2 trillion market cap. He’s especially bullish thanks to news that Fidelity Investments and the ICE Bakkt are turning the industry on its head.
We tend to lean towards the bullish arguments.
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