Bitcoin Bear Market Likely to Continue In 2019 : Chinese Analysts
Finance Analysts of china are expecting the current price rate of bitcoin bear market to continue in 2019. They have been contradicting the statements that the bullish projections of cryptocurrency bulls like Mike Novogratz. Mike is the one who predicts that the bitcoin price will hit higher prices in a record high in 2019. Previously in the year 2018, bitcoin has become a black hole in investments. According to the state run in the national media of China. In the beginning of the year 2019, the prices of bitcoin are still consistent and are showing signs of decline, and there is no obvious rebound for this fact. Pessimism is more dominant for bitcoin’s trend in the new year, 2019. Famous currency policy analyst, Xiao Lei, has attributed that the Crypto Winter to the meteoric price spike in the graph, that virtual currencies has experienced previously in 2017. He said that such explosive growth was extremely unsustainable in the market. As a result of this, the cryptocurrency market reacted by tumbling consequently. Lei sais that, “The price of bitcoin has seen more than 20 times in the year 2017, even though that increase is definitely unsustainable. The market of cryptocurrency is currently a transaction driven zero sum game.That means the money one which can be earned is only comes through the money in some. Cryptocurrency users need to have more noobs to enter in the market and buy the cryptocurrencies at a higher prices. The surge that has happened during the year, 2017 was completely due to the fact that many newcomers entered into the cryptocurrency market because they were supported by the new concepts of ICO,smart contract, and blockchain so as pushing the prices up. Many inexperienced beginners have become the victims of scam artists in the ecosystem of cryptocurrency. According to Liang, these beginners who have became the victims of fuel the current crypto market collapse. A senior analyst at the TokenClub Institute, Sun Hang has a similarly bearish outlook. Hang has never believed that the crypto market will rebound anytime soon, this is because of the off-balance supply and demand in the market.
The government of China has been an anti-crypto vocally and has repeatedly cracked down the mining of bitcoin and has shut down many of the exchanges in the cryptocurrency, as one of the top media news channel reported earlier. However, these bans are never been successful, as the miners of the bitcoin still operate their processes in the country.
Crypto’s Future Is the ‘Tokenization of Everything’
Even though the dire outlook of some finance analysts in China, many of the american cryptocurrency investors like Jeremy Allaire, the CEO of Circle has insist that the prices of bitcoin will see a rocket move in the coming next three years span. Irrespective of the daily fluctuations of the prices of bitcoin, Allaire underscored that bitcoin, plays a key and significant role to play as a scarce, non-sovereign store of value. According to Allaire, there are some cryptocurrencies that will eventually be not seen due to some of the competitive forces. The crypto market is not a zero-sum game. The success of one of the digital currency will not mean the death of all others. Concluding to his statements, Allaire said that, “I do not think the scenario is going to be a winner-take-all. He added, “We do have a phrase that the Tokenization of Everything. Many think that the tokens of cryptograph are going to represent every form of financial asset in the world. There will be millions of them in the upcoming years.”
