2018 was bad for the crypto market. After the meteoric rise in 2017 which even made Bitcoin reach near $20K in mid-December, 2018 was the complete opposite. Bitcoin along with altcoins are all seeing red due to a number of reasons.
However, there are some good things that happened this year. There were instances when crypto observers thought that the market was maturing. At one point, Bitcoin was less volatile than tech-related stocks such as Netflix and Amazon.
After the Bitcoin Cash hard fork followed by miners turning off their mining rigs, Bitcoin ended up below $3,500, its lowest since September 2017. For crypto observers, they are still putting their money on institutional investors to invest in the crypto market. On the other hand, you have critics such as Nouriel Roubini, they believe that the crypto market bubble has already busted.
For Roger Ver, who is an angel investor and an early Bitcoin enthusiast, he shared a positive outlook on Bitcoin. While with Bloomberg Daybreak: Europe, Ver discussed a number of topics from regulations to mainstream adoption in the crypto market.
Have We Reached Bottom?
Bitcoin dropped by almost 80%. Have we reached the floor? Ver mentioned that “Nobody knows, and I think that’s the interesting thing about cryptocurrencies. Nobody knows whether it’s going up, down, or sideways”. However, though he doesn’t know what’s next, he is certain regarding the long-term future of Bitcoin. For Ver, attention, awareness, and even events that cover the crypto ecosystem can help Bitcoin in some ways.
He also discussed crypto-related fraud and scams. Recently, the US Securities and Exchange Commission are targeting companies and even celebrities that are selling or promoting tokens that fall under unregistered securities. And many are speculating that social media influencers are next in line. For Ver, though these are negative reports about the market, it only means that cryptos are getting adopted and getting more valuable. He even mentioned that “if hackers are trying to hack it, it means that there’s something valuable in crypto, and this sends bullish signs that crypto is here to stay”.
Crypto About to Bounce Back?
But Roger Ver isn’t the only one that has an optimistic view of the entire crypto market. Despite the bearish trend and the recent drop experienced by major cryptocurrencies, you also have Mike Novogratz who is the founder of Digital Galaxy who also think that though 2018 was a “challenging” year for the market, 2019 could be different. He even thinks that financial institutions are going to move and invest in the crypto market and “flip” the current bearish market.
When exactly are institutional investors going to enter the market? No one really knows for sure. However, it is important that there should be regulatory clarity in the market before these things will happen. Should you buy Bitcoin now when it is still low? Or should you exit?
When Bitcoin dropped below $6,000 after months of staying in the $6,200 to $6,500 range, it was reported that whales accumulated a significant amount of Bitcoin. Are they anticipating that Bitcoin is going to have another bull run?