Experts are unaffected by the price crash as total market cap losses more than $725 billion since its peak. In this bear market, the focus is on Buidl and preparing for the next wave that will be coming as 2019 looks poised for big things with Fidelity, Bakkt, and now Börse Stuttgart’s crypto platform launches.
Bitcoin & Crypto Market Crash, Not to Worry!
Bitcoin and crypto market is crashing, having lost billions of dollars. The top cryptos are falling hard as shown below.
This has resulted in the wipeout of more than $725 billion from the market as total market cap slips from $830 billion at its all-time high (ATH) in January to the current $104 billion.
But as a recent report pointed out crypto users are entering the market in millions, so, action can be seen in the market. Meanwhile, industry participants are unperturbed by the price movement and are calling out for Buidl.
Kathleen Breitman, co-founder of Tezos and the CEO of Dynamic Ledger Solutions says,
“Price is by and large a distraction. I’ve seen a lot of ups and downs. I have a lot of conviction in the technology’s long-term promise. I never check prices…I think it’s kind of a distraction for people – for smaller minds.”
Blockchain program lead at JP Morgan Chase, Christine Moy shares similar sentiments while commenting on the technology, “It’s a great opportunity. No one knows what’s going on in the market.”
According to Moy,
“What’s really important to note is we’re talking about the next generation of financial infrastructure. Technological progress takes time. To look at a daily price of crypto is kind of a red herring. In reality, the value is what the technology rails can provide over time.”
Even the skeptics are positive about Bitcoin’s future as Kenneth Rogoff, the professor of economics and public policy at Harvard University and former IMF chief economist who says, “Like lottery tickets, there is a high probability that they are worthless,” but
“We shouldn’t be surprised by this year’s cryptocurrency price bust, [but] the price of these coins is not necessarily zero,” further adding, “There is also an extremely small outside chance that they will be worth a great deal someday, for reasons that currently are difficult to anticipate.”
Moreover, as Mike Novogratz has recently shared, this will take time,
“Revolutions don’t happen overnight. While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, ‘This is going to change the world.'”
The future is certainly bright as he believes “Bitcoin is going to be digital gold,” as he says,
“I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.”
Given the fact that 2019 has Fidelity and Bakkt coming up with their digital asset platforms and Boerse Stuttgart, Germany’s second-biggest stock exchange announcing the launch of its crypto trading platform by the second quarter of 2019, next year seems to be poised for big things.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com