The collective crypto market has surpassed $250 billion and analysts have been quite optimistic about the overall cryptocurrency scenario. As Bitcoin continued to demonstrate gains lately and staying above the $7,500 level, a unified voice from the community echoed the end of the “crypto winter”. The former Chief Strategy Officer of Bitfinex Phil G. Potter also believes that the bear market is over.
“I certainly had the view that once we are up the lofty levels set, it was time to sell. I mean that was mostly what I did. And I think that as the market came down, it was pretty clear to me that it was deep and we would have to go down a lot.”
In a recent panel at MCC2019, Potter stated that,
“I was calling $3000 at the tops and in some sense, I was right or very close to it. But the reason is we would have to take enough pain to take the noobs out of the last cycle. And this is what happened in Bitcoin.”
Talking about the “hype cycle” of Bitcoin, Potter said that new entrants that come in should be turned into “battle-scarred veterans” before the new group of entrants make their way into the Bitcoin field.
He is of the opinion that the recent bear market was pretty mild in contrast to the previous bear market which was a “lot longer”. He also said that he sensed that the crypto experiment might be dying. He believes that Bitcoin would live longer and people would hold some of it. He clarified that he does not want to sound bullish and continued,
“..we could very easily see those highs, pretty quickly again…it does not take a lot of money to chase not a lot of supply. Imbalances can create very shocking movements, specially now, we have a lot of leverage products out there too.”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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