A sudden pump of Bitcoin, the most valued cryptocurrency, had raised a lot of hopes on the potential rise of cryptocurrency after six months of the bearish trend. However the hope was cut short when the bearish move started, then a little pump and a little dump has trailed the cryptocurrency as well.
Following was the rejection of the Winklevoss Twins’ Bitcoin ETF proposal by the SEC, and also the recent postponement of SEC on another Bitcoin ETF proposal to the 30th of September. These events have made many to lose hope on the prospect of cryptocurrency in general. The cryptocurrency market was reported recently to shed $600 billion from a height of $829 billion that it was at the beginning of the year.
Why the Future Is Bright Amidst Gloom
Though the shed of $600 billion from the market is disappointing, there are still many standing their grounds in the market, to make use of this perfect opportunity ahead of the prospective rise in the value of cryptocurrency that’s to come.
The circumstance has even seen one of the wealthiest men in the world, Warren Buffett to call cryptocurrency “rat poison.” But the response of the CEO of Pantera Capital, Dan Morehead to that statement was that “banks are the rats,” remains an optimistic view which gives other cryptocurrency enthusiasts a bit of hope that a turnaround is near.
Jeremy Gardner of Ausum Ventures also states that “Hyper-growth followed by a heavy correction isn’t new. I’ve seen Bitcoin drop from $20 to $2 and $1,200 to $250.” His statement, in addition to others, gives hope to those who just joined the bandwagon to hold amidst present circumstance.
The thought of Ran Neu-Ner, CNBC’s “Cryptotrader” host and the founder of OnChain Capital on the circumstance of the cryptocurrency market might throw light into your doubts. He reiterated that “we are dealing with a very young but promising technology.”
Aside from cryptocurrencies, its underlying technology, the blockchain is transforming every facet of human society, and countries of the world are finding more use cases for the blockchain to improve economic situations locally and internationally. If the race for blockchain technology has become something to equate to “arms race” as it has been severally regarded as then cryptocurrency is just an explosion in the making.