Cryptocurrencies will surge moving forward according to Etoro managing director and cryptocurrency expert Iqbal Gandham. He is convinced that a greater understanding of cryptocurrency’s underlying technology will create a rally in Bitcoin and other digital currencies this year.
Speaking on Sky News, Gandham still feels that “Bitcoin is the so-called ‘daddy’ of the crypto-asset market”, adding, “It is just as other companies are dragged down by stocks performing in the FTSE 100, whether they are positive or negative, people look at Bitcoin as a bit of an index“.
Gandham suggested that the 2018 80% decline in the value of Bitcoin from USD 20,000 to USD 4,000 is insignificant movement and belies the fact that development in the industry is surging. He said:
“If you have a look at the amount of developers and the development happening in the underlying blockchain technology and also Bitcoin, it is increasing. It hasn’t declined… if people understand the technology rather than just view the price point – they will understand that this is not something that is just going to go away.”
Misha Libman, co-founder of blockchain art laboratory Snark.art, said any attempts to predict the value of Bitcoin was futile and basically a waste of time commenting:
“Every morning I wake up reading about the rise and decline of crypto and I am fascinated by the incredibly technical and visually sophisticated graphs predicting its future that borderline an art project.”
Libman’s view is that blockchain and cryptocurrency are the future, but there will be forces beyond Bitcoin that create its fluctuation price volatility; factors that have no real connection with cryptocurrencies place in the future of financial markets. He argues:
“Ultimately we are dealing with a new technology and new asset that is highly speculative, illiquid, and elusive, and drivers for its rise and fall is anyone’s guess and can be attributed by the media… the rollercoaster volatility that we are seeing today is something we are going to have to live with for a while until we will start using crypto to buy chewing gum.”
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