The crypto market may be down, but that doesn’t mean it’s no longer popular.
According to a new episode of “Fast Money,” the cryptocurrency space is set to undergo several changes in the coming years, particularly when it comes to bitcoin demand. The episode alleges that in the time ahead, teenagers and younger generations will request bitcoin and other crypto assets in place of cash or gift cards when their birthdays or Christmas rolls around.
Crypto Is Replacing Other Desires
In addition, the episode also asserts that central banks and institutions will show a stronger demand for scarce, non-sovereign digital assets, while the opportunities for programmable money will grow heavily.
Cryptocurrency has certainly had an exciting – and shocking – year. Approximately 12 months ago, bitcoin was experiencing an all-time high of roughly $20,000. Months later, coins like Ethereum would join the ranks as powerful crypto contenders, trading at over $1,400 during February 2018, for example. It looked like cryptocurrencies were on top of the world and weren’t about to drop anytime soon.
Unfortunately, this wasn’t quite the case. Many cryptocurrencies, bitcoin included, began to tank at the beginning of the year, and they’ve been unable to stop. Bitcoin has since fallen from nearly $20,000 to just over $3,400 at press time, marking an 82 percent drop in just 11 months, while Ethereum is trading for just over $80. Other currencies, like EOS and Ripple’s XRP, have fallen by more than 90 percent since December 2017.
That’s not to say, however, that things can’t turn around in 2019. In the episode, Spencer Bogart – a partner at Blockchain Capital – alleges that bitcoin will experience a major comeback next year. He admits that his 2018 prediction of bitcoin spiking to $50,000 was incorrect, though he’s certain 2019 has big things in store for the father of crypto.
2019 – The Year of the Crypto Comeback
“At Blockchain Capital, we focus on long-term trends. Could bitcoin still go to $50,000? Absolutely! How long will it take? I’m not sure. Up until recently, bitcoin has been a market predominantly driven by retail players, so in bull markets, we go a little too high and in bear markets, we go a little too low. This has still been a remarkable year for bitcoin. Try to ignore the price. We’ve seen endowments like Yale and MIT enter the space; we’ve seen qualified custodians move into the space, and the level of talent coming in is incredible. Young peoples’ imaginations are completely taken by this technology.”
Will bitcoin show signs of recovery in the coming months? Post your comments below.
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