Bitcoin price is not too far away from the highest peak yet of $11,000 because it is trading at $9,700 according to CoinMarketCap. It appreciated by $3,000 attracting both positive and negative views alike and it could be bad or good depending on whose view you take.
Below are some opinions from experts about Bitcoins:
Already, cryptocurrencies have real applications in banking, service industries, meaning individuals and investors looking for long-term gains can still rely on the technologies. Already, real “good and clean” business use cases have been propelling this technology that is usually associated with Russian Crypto Mining-More Profitable than Drugs and Arms Trafficking
While a few people have called Bitcoin a fraud, Revolut CEO Nikolay Storonsky is one of those who thinks it is not, saying in an interview with CNBC that cryptocurrencies are similar to most commodities that have bulk volume, are speculative and not used for everyday transactions but still have a market.
“Real-world usage for gold is quite limited. But still, there is a huge market, huge volumes that are being traded in the market, and these volumes determine the gold price”.
Secondly, cryptocurrencies serve as investment vehicles for many. Swiss National Bank Chairman Thomas Jordan said last month in Basel that he would view cryptocurrencies as investment vehicles than a currency.
“I would look at them more as an investment than a currency”. “It is important to say it is not [a] question of technology, but a question of who has access to central bank money and in what form. There are up to now, many unsolved questions.”
In addition, there are more than 1,300 cryptocurrencies out there. Each has its innovation and many are unique. So the innovation still continues, Kathleen Breitman, CEO, and co-founder of Tezos crowdfunding platform speaking at the said Fortune conference.
“It’s likely that another one or two dominant ones we haven’t seen yet in the market,” Smith projected. “Another really dominant coin could come out this year or next year.”
Besides, many people feel that cryptocurrency projects will help people participate in projects. Since there are no unnecessary costs such as traveling long distances, high costs, and huge capital requirements. And also without traditional limitations that limit them from investing in non-cryptocurrency trades.
Bitcoin price volatility might soon start appearing with institutional investment vehicles coming to space as announced recently by CME, CBOE and other funds, Adam White, vice president of Coinbase Inc who thinks that volatility is not necessarily a bad thing, told Bloomberg.
He and Chris Burniske, a partner at cryptocurrency-focused venture capital firm Placeholder. And former cryptocurrency investment leads at ARK Investment. Thus, examined volatility of Bitcoin in 2016 and wrote a paper about it.
“What we found was that bitcoin was both oil and less volatile than Twitter stock in the year 2016”. He said, “We’re seeing volatility now. That’s not a bad thing. More liquid markets with institutional capital entering the space are ultimately going to decrease that volatility. Thus, make digital currencies like bitcoin a really viable financial instrument for the world.”
Billionaire investor and hedge fund manager Mike Novogratz said on Tuesday that Bitcoin price changes. Since a bubble was not necessarily a bad thing. Thus, bubbles happen around things that change the way we live.
“Historically, manias or bubbles happen around things that fundamentally change the way we live”. “If it’s the railroad bubble or the Internet bubble, it really changing the way we live.”
He has also predicted that crypto market cap will reach $2 Trillion in 2018. A host of Russia Today’s ‘Keiser Report’ Max Keiser said this month that Bitcoin is not only a gift to humanity and safe, but its price will also increase to $100,000 and dominate the financial market.
Although it is likely that people might lose money at the start. A lot of adjustments and changes will occur later to bring more sanity to the industry. For instance, regulators are open to the idea of Bitcoin. Thus, blockchains and their ilk for as long as “Know Your Customer” laws are obeying.
Besides, cryptocurrencies can push elimination of delays in transactions in the market through alternatives such as insta-send and even cause banks and fee companies to improve privacy and security. Some banks see blockchain as a technology that can help improve security in their own systems.
Noticeably, the upsurged bitcoin price has commended many startups to overflow with their business moto into the real world. Thus, it is gradually influencing the world of economy. Still, the term fluctuation is common in the digital decentralized mechanism. However, the instant ups and downs in the price of Bitcoin will definitely not affect the growth level in upcoming days.