In a sea full of Bitcoin believers, it is very hard to spot the potential ups and downs of the leading cryptocurrency. However, Danny Masters is one of the people who are confident in Bitcoin’s future. The former commodities trader at JPMorgan and now a CoinShares chairman has recognized the growth of Bitcoin back in the day and saw it as a potential disruptor of cash and fiat money.
In a new interview, Masters said that Bitcoin will be strong in 2018. As he told CNBC, the cryptocurrency is “in play at the moment”. In his own words, Masters said:
“I like bitcoin. I think we’ve seen a lot of liquidation, I think we’ve seen a lot of leverage come out of the market, which was probably a little too risky for some people to hold onto and that’s come out.”
On top of Bitcoin, he also added that there are a few “select projects” in the altcoin/ICO/ERC20 space which point to “good developers and non-forkable/blockchain specific ideas which are quite attractive at the moment.”
In the panel discussion aired on CNBC, Danny Masters also said that it is a mistake to compare cryptos to other asset classes right now. Instead of that, he believes that it is a mistake to compare cryptos to other asset classes. Instead, he likes to listen to the industry veterans who have been around in the crypto world for the past few years. According to him, these people “can give you a very, very different feel” about cryptocurrencies than any other research that is put by Wall Street firms and banks.
As one of the key notes in the interview, Masters said:
“Bitcoin is a very difficult market to analyze. There are metrics that don’t exist in the markets that we traditionally know and love. Right now, the use cases for crypto are bitcoin is disrupting money and gold. Ethereum is disrupting the formation of capital. There are other protocols that are disrupting identity, identity provenance. And these things are really unproven yet but quite promising.”
Masters has also backed some ICOs over the past year and is behind the maiden Bitcoin and Ethereum publicly traded notes.
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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