Tuesday, August 20, 2019

Scalability to Spark Ten-fold Increase in the Crypto Market

According to veteran analyst, Joey Krug, the cryptocurrency market could be set for a significant bull run within the next two years given recent developments and innovations made to tackle cryptocurrency-related issues such as scalability.

In a lengthy interview with Bloomberg, Krug, who is the current co-Chief Investment officer of blockchain investment company, Pantera Capital, responded to the pressing question of the possibility of the crypto market reaching its bottom. Krug explained that the recent inaction of the Bitcoin suggests cryptocurrencies and other digital assets are still range-bound, with investors and traders actively looking for possible signs and the event that is most likely to cause the next surge in prices.

Krug expanded on his view noting two possible ‘catalysts’ that is set to influence the next bull run: “scalable blockchain networks and easy-to-use fiat on-ramps.”

The second point has been over flogged, over the years now with the fees entailed in a profiting investment in digital assets are costly and mostly expensive on top exchange platforms in the world. The Pantera executive could not help citing Coinbase, noting the large fees it billed its users for the simplest of transactions. Krug laments that it is fees like these that would make potential investors and neutral users consider common conventional platforms as a much better alternative.

He, however, adverted exchange platforms such as Bakkt and FDAS as a ray of optimism in the cryptocurrency industry. With the growing adoptions of fairer exchanges, issues plaguing the industry would be gone in half a year. He commented;

“Within the next year, [fees] will be down to 50 basis points from maybe not Coinbase, maybe some upstart, but with solutions like Bakkt and Fidelity Digital Asset Solutions going live, costs are going to be driven down.”

Scalability, the Catalyst to Trigger 10x market growth

Krug identified the issue of poor scalability as the major setback restricting the cryptocurrency industry from achieving mainstream adoption. While Bitcoin would continue to integrate developments and solutions, he doubts that the popular cryptocurrency coin would ever reach the level of competing with popular platforms such as Visa or MasterCard. While he is not holding too much belief in BTC, he is assured that more than a few coins would be able more than capable of creating a blockchain network possibly faster than the two fore-mentioned transfer options.

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According to the Augur founder, the solutions are bound to surface to be widespread in two years at most and would be the major spark needed to push the crypto market ten times past its current potential.

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