Coin Floor – a cryptocurrency exchange licensed by the Financial Conduct Authority (FCA) in the United Kingdom – has announced that it will be turning its back on Ethereum – the world’s second largest cryptocurrency by market cap and the number one competitor to bitcoin – and removing it from its present list of available (and tradeable) cryptocurrencies.
Coin Floor Says It Will Be a Bitcoin Only Exchange
All ether-based listings will disappear starting on January third. The company says it will focus primarily on bitcoin – the world’s biggest cryptocurrency by market cap – and services that stem from bitcoin here on out.
Obi Nwosu, founder and CEO of Coin Floor, explained the reasoning behind his company’s decision to focus only on BTC:
No other cryptocurrency comes close to bitcoin’s track record, industry support or brand recognition, so focusing on bitcoin made perfect sense.
He also added that bitcoin was “inflation proof” and that it could become the “best form of money.”
It’s very interesting that Coin Floor has chosen now to focus primarily on bitcoin. At a time when the world’s primary digital currency is trading at its lowest point in months (the asset recently fell into the $6,000 range), the exchange is choosing to revoke any positive sentiment it might have held towards Ethereum and focus primarily on a cryptocurrency that large countries like China are no longer interested in.
But perhaps Coin Floor knows something we don’t. Many industry experts, such as Tim Draper, remain completely bullish towards bitcoin, claiming that 2020 will be the start of major change for everybody’s allegedly favorite cryptocurrency.
Draper has long stated that the currency is likely to hit $250,000 within the next two to three years, while other individuals such as Ethereum co-founder Charles Hoskinson to even Silk Road founder Ross Ulbricht (who’s currently serving a life sentence) believe that 2020 or the year after will bring about six-figure status for bitcoin.
The big question now is, “Where does this leave us?” We the everyday, average traders? Are we to believe all the hype and hoopla that consistently surrounds bitcoin? Are to we fall for every positive word that gets spewed out even though we consistently see bitcoin struggling to maintain a specific speed and momentum?
What Does the Future Hold?
It’s impossible to say, but Coin Floor is confident it’s making the right decision. The company claims that it will no longer support Ethereum primarily because it requires too much “technical support” and that its “future of hard forks” make it unstable and unpredictable. The company has also stated that it plans to delist bitcoin cash (BCH) in the coming future.
Replacing services surrounding these coins will be new features such as crypto lending, set to arrive in 2020. Customers will now have the option to take out loans based on bitcoin.