Sunday, August 25, 2019

Roger Ver’s Perspective on Cryptocurrency Stays Positive

The crypto market is currently not doing well, and it appears that it won’t be changing for the better anytime soon. Interestingly, the recent crypto market fall hasn’t hindered some investors and experts from making bold and bullish claims about the industry.

As the crypto market just experienced another fall, speculations about the possibility of a recovery for the current bearish market of Bitcoin and other digital currencies have been on the increase among skeptics. Anyway, the ongoing doubts circulating about cryptocurrency has not stopped certain individuals from placing their bet on cryptocurrency, believing that in the future, cryptocurrency will dominate the financial industry. One of the people who have this unwavering confidence in cryptocurrency is Roger Ver. He is an angel investor, Bitcoin Cash preacher, and a Bitcoin investor.

During an interview on Tuesday with Bloomberg Daybreak, Ver addressed different topics raised during the crypto debate still ongoing and also made his personal opinion on cryptocurrencies known. He also spoke about Bitcoin Cash (BCH), regulations and the possible threat that might come with it and the mainstream adoption of cryptocurrency.

Ver’s attention was drawn to the fact that the cryptocurrency market had experienced an 80% drop from its previous high rise and when he was asked if he thought the market value of Bitcoin had hit rock-bottom, he responded by saying that the cryptocurrency market was an uncertain one which has made it more interesting, thereby making him unsure.

“Nobody knows, and I think that’s the interesting thing about cryptocurrencies. Nobody knows whether it’s going up, down or sideways.”

He added that though the crypto market looked terrible in this short period, that the long-term held a lot of promise for Bitcoin. Ver also pointed out that cryptocurrency has experienced more attention, events, and awareness than before which is a sign of better things to come for the industry.

Related Article:  JP Morgan: Bitcoin Not Worth the Mining Cost Anymore

Ver did not shy away from the issue of the rise in scams and fraudulent activities in cryptocurrency which has reduced the trust of people in the currency and has also subverted its security. He stated that those attacks have a positive side to them because they all point to the increased mainstream adoption and value of cryptocurrencies. He added that irrespective of the negative news being dispensed about cryptocurrency, big players are still trooping into the market.

“If hackers are trying to hack it, it means that there’s something valuable in crypto, and this sends bullish signs that crypto is here to stay.”

Apart from Ver, other financial experts have shown confidence that cryptocurrencies will recover from its recent downturn. In an interview, last month, Mike Novogratz, the founder of Digital Galaxy, said that although cryptocurrencies faced “challenging” times in 2018, come 2019, cryptocurrencies will receive investments from financial institutions which will bring about a “flip.”

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