Future of Cryptocurrency?
For the 6 months, the value of Cryptocurrency has been rising and falling, with no clear signs of whether it will go bullish or bearish. For Bitcoin, it is trapped between the range of $6000-$7000. The market doesn't look as good as it was 1 year ago when it rose to an all time high of just approaching $20,000. It seem that governments are still hesitant about adopting it and the sentiment surrounding this market is not very positive. Many people keep asking is this the best time to invest in crypto or just sell it. Any thoughts?
Blockchain as a technology definitely has a future, but the reason why the currencies associated with it soared was simple - people saw it as an opportunity to throw a big fat middle finger to governments and the current financial system. They thought finally we have a monetary system that is decentralized and free from any regulation. So when the crackdown on this wild west began at the beginning of this year, people realized that the governments still can regulate and shut down things just like that. The previous appeal to cryptocurrencies was lost and a lot of people pulled out their money. As far as future prices for cryptocurrencies - time will tell, but the technology is here to stay in my opinion.
As cryptocurrencies certainly seem to be here to stay, which division in banks will deal with this digital asset class? Will there need to be a new group constituted within S&T?
No evidence they are here to stay. They need to develop a use case which hasn’t happened.
My guess they day of boredom. Someday I think something comes out of crypto’s but for now in doubt.
I think blockchain is more dubious than people realize. I don’t see it as a game changer tech. Likely finds a use somewhere but it’s oitside of the top 5-10 technologies being developed now.
That's interesting. With the G20 conference concluding that those countries will be progressing in the regulation of cryptos, you don't think the cryptos that can be utilized for their real world value will stick around?
What real world value?
As I am certainly not the best on this site to explain any crypto, but one I know that has been making a real world difference and does not have any intentions to replace or compete against any fiat, would be XRP/Ripple. I can't tell you the numbers, but I have seen they are partnered with many banks internationally and certainly seem to be heavily involved in the asian banks. From brief research they seem to be a more updated version of the SWIFT software, but just encourage their clients who use their software to make cross-border transactions to do so in XRP, to use as a bridge from fiat-to-fiat. Again, not the best on here to explain a crypto, but that seems to be the only one I know of that would really be useful.
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