Bitcoin is Already a Part of the Financial Infrastructure – Regulators Should Catch UpAugust 31, 2019
The cryptocurrency market has calmed down, and the predictions for the price of the Bitcoin is turning positive.
The price of the Bitcoin shifted by less than 1%; the fine margins lead to a quiet day of trading. While the price of the Bitcoin settled below $9,600, which is well below the $10,000 milestone, the current price has been described by one of the analysts as the “new normal bottom.”
Despite the recent crash, several experts opine that Bitcoin is all set to track the upward trajectory. Before the end of this year, the prices would go even high. The recent price crash did not prevent Bitcoin from setting its higher monthly lows.
Simon Peters, an analyst at eToro opined that the recent price dip is due to the batch of Bitcoin Futures Contracts which were all set to expire.
Simon Peters reported to the Independent recently that the “Chicago Mercantile Exchange Bitcoin futures contracts are set to expire tomorrow, which historically has prompted trading activity within the cash market.”
The scenario might be that the investors are selling off now to insulate themselves from more significant losses in the forthcoming days. The low trading volumes in the past week further exacerbated the downward momentum. Therefore, a relatively small number of big trades moved the needle sharply.
Several prominent personalities in the cryptocurrency community are sticking on to their predictions. Cyber Security pioneer John McAfee continues to back his bold prediction that the Bitcoin will touch $500,000 in 2020.
John McAfee, in his official tweet, stated, “Bitcoin under $9,500. If you are panicking, you are a fool.”
Bitcoin has failed to revolutionize the financial system of the world, but it is too early to call the cryptocurrency revolution as dead.
“The crypto revolution is going to happen”— though it will need time to get off the ground.
The crazy bull market of 2017 got the unrealistic expectations of people predicting when the crypto revolution will happen.
“You gotta give them some more runway before we give them the thumbs up or thumbs down.”
Novogratz has to warn that it could be five years before Bitcoin and the cryptocurrencies might impact the lives of people. Some of the biggest companies in the world are in to make the cryptocurrencies work.
“I think [the next Bitcoin bull run will happen] when institutions start coming in,” Novogratz further added, but promised, “they’re slowly and steadily moving in.”
The Bitcoin is not a backwater experiment anymore; instead, it is a part of the financial infrastructure, and it is time for the regulators to catch up.