The last three years have seen Bitcoin rise historically. Some say it was bound to happen, some call it a bubble and some say it’s not over. According to Robert Sluymer, Cryptocurrency strategist at Fundstrat Global Advisors, this year is going to be no different – we just had a bumpy start of the ride.
As governments were faced with a great deal of pressure to regulate Bitcoin and its fellow alt coins, the Cryptocurrency space suffered a turbulent 2018, that is up until late March when prices started to show signs of recovery. Cryptocurrency strategist, Robert Sluymer believes that Bitcoin is destined to only go “higher from here,” and that “the regulatory risk and the fundamental risk around what’s happening with cryptos has hit a bottom and now we’re in a state of general recovery.”
He continued to explain that according to historical data, Bitcoin has risen on the back of impending Blockchain Events and looking at New York City’s Crypto-schedule, guess what we find. That’s right, we find a Blockchain event on the 11th of May. At this point, it starts becoming clear how sensitive Bitcoin’s price is to financial events, and that people’s sentiment plays a huge role in price fluctuations. Mr. Robert believes that Bitcoin’s surge on the day could be traced back to The New York Cryptocurrency gathering. But looking at the bigger picture, couldn’t it mean that Cryptocurrencies are on the verge of mass adoption?
First heavily vilified and then embraced by the mainstream as innovation, Cryptocurrencies are being welcomed by some of the world’s most esteemed technology firms and payment providers. Microsoft is one example. They now allow clients to use BTC as a payment method for gaming apps. Paypal, swift in its response to Bitcoin, also offers Bitcoin as a payment method. But it’s not just technology firms and payment providers that believe Bitcoin is here to stay.
Banking groups are starting to make their move too. Blockchain, this ground-breaking technology is actively being used by major banks like Santander and Barclays. Shall I add to the top-dog list? Even Goldman Sachs has moved from completely writing Cryptocurrencies off to now having a crypto trading desk.
It now appears that everyone is following Japan’s upbeat approach, who should be celebrated for having been one of the first countries to adopt and implement a viable regulatory framework. You see, Japan’s thoughts were ‘we might as well regulate it, people will do what people will do.’
Apart from Japan, Robert Sluymer, PayPal, Microsoft and others, The Bank of England’s Governor, Mark Carney voiced his opinion in an appeal for more regulation saying that “the time has come to hold the crypto asset ecosystem to the same standards as the rest of the financial system. Being part of the financial system brings enormous privileges but with them great responsibilities…In my view, holding crypto asset exchanges to the same rigorous standards as those that trade securities would address a major underlap in the regulatory approach.”
So, with that said, are we here to undermine the next step in our financial evolution or are we here to facilitate the process and make it as smooth as possible? The choice is ours – the future is in clear sight.
This article is for educational and informative purposes only and should not be considered as investment or trading advice.