21 Feb 2019 #Bitcoin
The crypto space never stays the same. Instead, it is always evolving, always changing, and in some way - always advancing. Of course, this does not include the coins' prices, as they are known for their volatility which takes them up or down, often without warning. However, even if the prices are dropping, the coins are advancing in other aspects, such as their popularity, or the type of userbase.
Naturally, people wish to know what the future brings, especially when it comes to the markets that are evolving so quickly. They need predictions, and who better to provide such predictions but the experts, who claim to know how the market breathes?
The need for predictions, and positive ones, at that, came especially strong in 2018, as this was a year that tested the investors' and traders' dedication, as well as the quality of various projects. The market was constantly bearish, marked by two crashes, and several other negative events. However, a lot of the coins survived it, and investors stuck around as well. However, they wanted to know the future, and experts gave numerous predictions, some of which are coming true right now.
While many believe that cryptocurrencies are not out of the woods quite yet, it is clear that the bear market is losing its strength the deeper we go into 2019. The price of Bitcoin has been growing very slowly, which is true for most altcoins as well, but it still kept growing, currently being close to $4,000 per coin. The total market cap is recovering as well, and while the positive momentum is still slow, this is more than we got at any point in 2018, which makes it understandable why investors are excited.
Many who were previously bullish on Bitcoin are starting to raise their voices again, such as the CEO of Bitpay, who believes that Bitcoin might return to $20,000 by the end of the year. Other predictions are going even further, with a cryptoanalyst Ronnie Moas thinking that BTC will hit $28,000 this year.
Many were predicting that it is only a matter of time before institutions decide to join, and while not a lot of people truly believed that this would actually come to pass, it did. True, there is still no mass adoption, and institutions are not exactly at war trying to be the first to join particular projects. However, the bravest among them are making small steps towards investing in crypto, even without ETFs being approved.
One example of this is two Virginia-based public pensions, one dedicated to retired police officers and the other for government workers. While they are only dedicating a bit over 1% of their funds in total, this is seen by many as a huge step forward. Meanwhile, Morgan Creek's Anthony Pompliano, who is known for being a crypto-skeptic, recently gave a bullish prediction, stating that a bull run is possible in Q2 of this year.
JP Morgan is another example of an institution going crypto, although in a slightly different way. Instead of investing in the crypto space, the bank has decided to launch its own token, JPM Coin. Many are claiming that the coin is not a true cryptocurrency, as it can be obtained by depositing fiat currencies, and the coins are then used for moving the deposited money digitally. Even so, the coins are still to remain within the bank's walls, which puts JPM Coin somewhere between fiat currencies and stablecoins.
However, this should also be seen as the first step, with more daring projects possibly coming in the future. The positive thing is that the crypto space finally urged banks to make a move, and these initial acts are still just their attempts to feel how the space breathes. In time, they will likely do more, especially if a new bull run arrives soon.
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