Bitcoin Could Rise Again
Danny Masters, CEO of crypto investment company CoinShares, believes that Bitcoin (BTC) will reach the same record-level price of $19,783.21, which was set on December 17th, 2017. However, certain things must be in place before this can happen. According to Masters, better cryptocurrency “structure” must be built and we also need “custody solutions”, indices, and reliable ways to gauge market performance.
Additionally, the CoinShares chairman said there has to be a “token life cycle” after an ICO has completed its final rounds. He also stressed the need for better customer service by providing a higher level of “clarity”, increased transparency, and “better expectations.” Notably, CoinShares was the first financial services company to introduce Bitcoin and Ethereum funds which could be traded on a public platform.
Crypto Market Continues to Follow Bearish Trends
Despite the growing interest around blockchain, Bitcoin, and other cryptocurrencies, their prices still remain well below their record-breaking highs from December 2017. In fact, Bitcoin price even dropped below $6,000 during February 2018. And, even though there were a huge number of crypto experts and enthusiasts who attended the Consensus and Blockchain Week events in New York, the flagship cryptocurrency’s price is still following a downward trend.
Notably, Masters commented that only just three years ago, the level of interest around cryptocurrencies was far less than what it is now. In 2015, there were about 650 people who showed up for Consensus, but in 2018 more than 8,000 people attended. Clearly, many more people are now aware of blockchain and cryptocurrencies, but Masters thinks that Bitcoin “is still [in its] very early [stages].”
It’s Still Early Days
The CoinShares CEO explained:
“In derivatives, indices, pricing models and so on that go on around [in creating financial infrastructure]…We’re nowhere near that part yet. We’re not even at the part yet where I’d say institutional investors even started in commodities. Because these things — indexation, custody and so on — aren’t there to bring in those bigger people just yet.”
The financial infrastructure for the cryptocurrency market might not be there yet, however, the rate of ongoing development in this evolving industry continues to increase. Social trading and multi-asset brokerage firm eToro has now expanded into the US markets by offering a cryptocurrency trading platform. Remarkably, eToro was able to raise $100 million in funding, which it is now using to establish itself in the United States. The company has set up shop out in New Jersey and there’s already a waiting list of users eagerly wanting to use the company’s crypto services.
Clearly, there’s a growing level of interest in the cryptosphere and it’s not showing any signs of slowing down. This, along with steady improvements to crypto-related technology which are happening as I write this, will likely contribute to a very large cryptocurrency market capitalization…well into the multi-trillion dollar range (in my humble opinion which is shared by several experts).