2018 has been a bad year for Bitcoin and crypto market but according to experts, it is just a cycle. However, the next year is expected to be a bright one as the latest report by A.T. Kearney says, Bitcoin’s market dominance will come back as altcoins will lose their luster.
It’s Just a Cycle
Bitcoin and cryptos are tanking but experts are not fazed as billionaire investor Jim Breyer says, this is inevitable as “These cycles keep happening every decade or so.” As for its future, Breyer simply said, “You don’t want to bet against the best and brightest in the world.”
Another expert who is unfazed is Max Keiser who says “The long-term chart is fine. It’s still bullish,” as
“The Bitcoin price got way ahead of itself and we saw a typical pullback. Since I first started buying BTC in 2011 at $1, I’ve seen a few of these.”
Commenting on the relation between stock and crypto market, he shares,
“I think the market sees Bitcoin as a ‘risk on’ asset, so it moves in unison with stocks. At some point, the market will understand that Bitcoin, like gold and cash, is a ‘risk off’ asset. When the market realizes this, we’ll see ATH as safe-haven, capital flight money moves into Bitcoin.”
A Bright & Bullish Future Ahead
Max Keiser is bullish on Bitcoin’s future that according to him is “monetary black hole” that will guzzle up all the fiat as he further said,
“Only Bitcoin has the power to create a fiat-free world while simultaneously destroying all that get in the way.”
Mike Kayamori, the chief at Quoine sees a good year ahead as he said,
“Japanese regulators are starting to open up again. They are going to approve new exchanges. They are going to approve new listings. All of these things will start from the new year.”
He further added,
“The global trend is to accommodate these high-frequency traders […] There is going to be this dealers-brokers who will be offering crypto to their retail customers. And there [are] these OTC brokers who will be providing services to institutional investors.”
Moreover, according to the latest report by A.T. Kearney, Bitcoin is expected to regain its market dominance,
“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors.”
For one, “More broadly financial regulators will soften their stance towards the sector.”
Courtney Rickert McCaffrey, the manager of thought leadership in Global Business Policy Council of A.T. Kearney has been quoted by Forbes as explaining the complexity of altcoins,
“Our prediction that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the “hash war” that occurred in the Bitcoin Cash ecosystem.
Additional “hard forks” and the continued lack of consensus among developers about a path forward will further widen the chasm between Bitcoin as the most accessible and widely recognized cryptocurrency and the altcoin community.”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.