Demirors gave this revelation during an interview with CNBC on Monday. Although Bitcoin hasn’t yet reached heights it was in late 2017 cryptocurrency bulls are still expecting a massive growth in its value.
Bitcoin Advocate Meltem Demirors: Bitcoin Price will Increase
In an early Monday interview on CNBC on Monday, cryptocurrency advocate Meltem Demirors revealed that bitcoin’s real value is coming in real-time. However, the current situation regarding bitcoin price is rather unpleasing to investors and potential bitcoin users. Demirors stated that new technologies that shift the paradigm take a long time to get acquainted with.
Bitcoin is considered by many cryptocurrency enthusiast and financial futurist as a safe haven which ensures real financial independence. The price of bitcoin is said to be governed directly by the forces of demand and supply of the cryptocurrency. Many factors, however, shift the demand pattern of bitcoin and its supply varies with the number of total hashing powers in the network.
Demirors proposed that institutional and retail investors should ignore the price movements and take cryptocurrencies as a new technology with a wealth of potentials. she compared cryptocurrencies to early internet stocks such as Amazon, Intel, and Microsoft. These companies are presently very successful despite their devaluation after the bursting of the dotcom bubble.
Bitcoin and Related Cryptocurrencies Still Struggling to Maintain Prices
On the other hand, the market condition for bitcoin and other related cryptocurrency seems to be worsening. When measured in terms of price movements, bitcoin and ethereum are not anywhere near stability. Demirors believes that bitcoin is being seen from a wrong perspective.
“The narrative around bitcoin is still really hard to grasp, Really the only metric we have for most cryptocurrencies is the price, and the price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.” said cryptocurrency advocate Meltem Demirors.
She continued stating that the bitcoin bubble already burst. Also she said that some real capital is flowing in and being used for building up real businesses to serve a real purpose. However, she mentioned that bitcoin might not gain value any time soon. Meanwhile, prices are the metrics being used to measure the usefulness of cryptos. Demirors further said the price could not be the best metric for measuring cryptocurrencies growth.