Just as the entire market seems to stabilize and get in the green zone, rumors that the market will be shaken, are in the crypto news again because the Finance Minister of Germany, Olaf Scholz claims that cryptocurrencies aren’t eligible to replace traditional fiat currencies.
Mr. Olaf briefly said:
‘’ I would doubt today, whether it has a perspective as a currency model.’’
He also made a comparison between cryptocurrencies and the tulip fever bubble that happened in the Netherlands back in the 17th century said that this is a much bigger stake in the game and that the danger of such tulip inflation is far greater.
He addressed that the main issue is the incredible amount of energy computers use to process crypto transactions and also the costs that occur with that spending. The process is highly energy-intensive, but as a matter of fact, he was not happy to explain his views about this issue in 10-20 years time.
According to Scholz, regulators should be over their heads with work trying to regulate and observe cryptocurrencies since they are the perfect tool for money laundering and financing terrorism. He also noted that cryptocurrencies don’t really have any kind of economic significance today.
Just a few weeks ago, European legislators met in order to share their concerns over cryptocurrencies and also the possible solutions that can be applied to problems with digital currencies. They also discussed the possible regulation of ICOs saying that they are a very interesting instrument for raising capital. They all agreed that crypto needs further regulation and that regulation is in the best interest of cryptocurrencies.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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