Cryptocurrency established a standing power and is not likely to go away any time soon.January 21, 2019
While the cryptocurrency has not been of particular interest to the general public to trigger mass adoption, it has been seen that there are celebrities who own millions in Bitcoin.
Several public figures have endorsed and advocated the cryptocurrency as the currency of the future. There are some who own several millions of dollars in cryptocurrency. Despite the cryptocurrency bubble burst, some predictions forecast a cryptocurrency boom in the year 2020. Several celebrities are jumping into crypto ventures too.
Bill Gates, previously remarked that for larger transactions currency can be inconvenient. He stated, “Bitcoin is better than currency.” He expressed his reservations though.
Of late, the United Nations reported the cryptocurrency to be a “new frontier” in digital finance. The UN also stated that the digital assets would bring the next major revolution in the business models.
About $5 billion has been wiped out of the cryptocurrency market, and the market is in the red after a week of too little or no activity. While there are continual signs that the Bitcoin boom is over, a Coinbase executive has reported that we will see big developments.
Marcus Hughes stated that regulation would take shape this year, particularly in Europe. The European Banking Authority has called for standardized regulations within the European Union to eliminate unfair regulatory arbitrage. This was protecting the cryptocurrency investors across the globe. He further opined, when countries have their crypto laws it will be possible to execute a unified approach thus making life for Coinbase and similar companies a lot easy
Cryptocurrency has established a standing power, and it is not likely to go away any soon. There is a speculation phase to Bitcoin. Therefore, we need to now move from just the speculative phase to the utility phase.
It is only with the utility phase that Bitcoin will be more understood and widely accepted. Mass adoption is likely only when the utility potential is explored, according to Marcus.
When it comes to the Wall Street money, Electronic Traded Notes are keeping them away from the cryptocurrency market.
Ed Tilly, CEO of CBOE (Chicago Board Options Exchange) stated that ETNs are necessary for the success of the Bitcoin Futures, for the Wall Street and the main street.
There are several global banks according to Hughes willing to enter into the cryptocurrency market; however, they are not able to venture in due to regulatory issues. As the industry advances, there is a need for talent and experience to manage it better.