As fast as the world went gaga over cryptocurrencies when they were first introduced to people’s digital consciousness and attracted a vast number of followers, so too, many found themselves walking away just as fast. Since Satoshi Nakamoto’s whitepaper proposal gave birth to the novel crypto Bitcoin in 2009 at 0.003 in value, it soared to as high as $20,000 in 2017, tagging along with a host of other cryptocurrency prices, only to tumble and crash below $3,500 the following year. Since then, digital tokens were playing on the volatile ground seemingly with no future insight and would summarily be dismissed as a passing fad.
Bruised and Broken: Down But Not Out
But experts, engineers, and product developers see otherwise. As with any nascent technology, cryptocurrencies underwent a series of birth and growth pains and is now quietly entering a maturing phase with lots of lessons learned coupled with continuous technological advancements for correctional application. A recent article published by Entrepreneur had them talking. Tim Draper of Draper Associates is expecting a prevalence in crypto usage predicting Bitcoin price surging to $250,000 by the first quarter of 2023. Judd Rosenblatt, founder and CEO of AE Studio, counts to the blockchain technology’s inevitable power to transform traditional structures to carry cryptocurrencies into the near and distant future. Skrill’s CEO Lorenzo Pellegrino, meanwhile, pointed to the remarkable rise of cryptocurrencies as a multibillion asset class of its own and that research and risk management have prepared cryptocurrencies in meeting its next phase becoming the future’s highly viable form of exchange. Dan Schatt, the co-founder and CEO of Cred, stated that the decentralized character of bitcoins and cryptocurrencies remains to be the unmatched value that will sustain their usability far from government intervention and manipulation by intermediaries that cause fiat failures. Johann Polecsak, co- founder and CTO of the QAN blockchain platform, reflects on the good the crypto decline resulted in as it left the market what among the coins were left still shining. He said that for platforms to qualify for mass adoption, they must be easily integrated and improve on present workflow and structure of companies to enhance consumer experience. CEO Alex Althausen of the Stormgain crypto trading platform drew a parallelism of the whole industry to the history of Amazon and Bitcoin that are to witness a journey of digital currencies from a niche to the mainstream of worldwide money exchanges.
Bits of Advice
A report coming from Accenture reveals that for the next 25 years, there will be a massive wealth transfer in North America never before seen in history in which baby boomers will be moving over $30 trillion to their heirs. It is inevitable that cryptocurrencies will play a huge part. It is wise then to educate ourselves when we mend back on track with our broken crypto relationship to invest this time in the longterm instead of joining a flipping group without serious thought. If Facebook just recently headlined the coming of its own coin, Libra, and when JP Morgan, USAA, IBM. Goldman Sachs, and other major financial institutions and corporations stand bullish on the future of crypto, and even when Yale is strongly suggesting that investors markup 6% of their assets into cryptocurrencies, it is so unwise not to travel alongside these bigwigs whose ultra-capable Rs and Ds have eyes that see in the dark.