Institutional Players will Trigger the Next Bull MarketSeptember 10, 2019
Cryptocurrency and blockchain adoption has grown dramatically. There is an increase in the participation of governments and institutional players in the blockchain and cryptocurrency space. This is indicative of the maturity level of the blockchain and the cryptocurrency space.
Michael Novogratz recently stated that the institutional players would trigger the next bull market. Several institutions were seen getting involved in the cryptocurrency market over the past week.
PwC Luxembourg will be accepting Bitcoin payments from October 01, 2019. The firm has decided to take cryptocurrency payments as a part of their commitment to the needs of clients in a way supporting the cryptocurrency industry.
HSBC has used the blockchain platform to issue the letter of credit. The blockchain technology will reduce transaction times and costs. I am eventually providing for a secure and transparent account of contracts related to financing.
Japanese regulator has granted cryptocurrency exchange license to LINE, the Japanese messaging giant.
David Paul, Minister in Assistance to the President and Environment of the Marshall Islands, stated that they would be issuing the SOV thereby making the Marshallese Monetary Policy independent. Of note, they are currently using the USD.
News about a cryptocurrency-enabled Samsung phone is doing the rounds. South Korean tech giant Kakao Corp. will be issuing their affiliate cryptocurrency KLAY directly to their Samsung smartphone users.
Such developments from the institutional front will surely bring in more people into the cryptocurrency space, thereby, simplifying the usage of digital assets.
High remittances in developed countries facilitate the demand for cryptocurrencies, thereby increasing the fluctuations in monetary regulations. This further leads to the growth in venture capital investments. Thus, increasing awareness among investors in emerging nations.
The increasing growth of Ethereum, Ripple, and Bitcoin Cash has led to a significant increase in the industry. Europe has a vast consumer base. The legalization of the cryptocurrency in several countries, coupled with improved internet penetration has supplemented the growth of cryptocurrencies in the region.
There is widespread concern about whether there are still profits with cryptocurrency mining. It is like spending a lot of money to make a little money. Several Altcoins are not worth mining as they are no longer what they used to be. There is a “low-to-no profitability” issue with cryptocurrencies.
When it comes to adopting contactless payment system, America is lagging. People continue to prefer cash payments than card payments. They tend to believe that cash is faster. Institutional investors continue to flood into the crypto markets, though.