The latest edition of the show “Fast Money” that airs on CNBC included one cryptocurrency advocate as a guest. Meltem Demirors has been active in the crypto world and now acts as a chief strategy officer at the digital asset manager Coinshares.
What is really interesting in Demirors’ stance is the fact that aside from being optimistic about Bitcoin and crypto in general, the advocate is also realistic about the past activity (which saw many cryptocurrencies climb to high numbers in a quick period of time).
As Demirors noted:
“New technologies that shift the paradigm take a long time to really understand.”
Even with the stumble of the Turkish lira recently, Bitcoin did not manage to hit a bullish run. The Turkish fiat currency, on the other hand, hit a fresh all-time low against the dollar this Monday.
According to crypto bulls, this is a step where Bitcoin needs to shine. However, Demirors is one of the ‘realists’ in the entire picture about crypto. As he said:
“The narrative around bitcoin is still really hard to grasp.
Really… The only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.”
He also suggested that both institutional and retail investors should ignore the price and think of cryptocurrency in a similar way as ‘a type of early internet stock’ such as Amazon, Intel or Microsoft. Even though they are successful now, Demirors pointed that the stocks of these companies were finding it hard to recover from the initial highs after the dotcom bubble burst.
“What we saw in crypto was this massive run-up, where everyone got ‘FOMO,’ or fear of missing out, as we like to say. What it caused is a speculative bubble.”
Demirors also said that he does not know when Bitcoin might begin to regain its (lost) value or what would this look like. He only noted that there is some real traction right now, and it is very dependent on “finding the data points and metrics that are going to drive the growth story.”
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
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