Digital Currency Group Exec Predicts Bright Future For Bitcoin

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While 2018 hasn’t been the best year for cryptocurrencies including Bitcoin, however, the crypto is bullishly positive that 2019 will be a great one. Travis Scher, vice president at crypto investment firm Digital Currency Group also predicts on the similar lines.

Scher, an attorney who previously worked at the white-shoe law firm Skadden Arps published a post on Medium, titled “The Tide is Out: What the 2018 Crash Has Revealed and Why the Future of Crypto is Bright”. In the article, Scher shares his insights and his hopes/assertions for the cryptocurrency ecosystem.

He started off by admitting that 2018 was a challenging year for cryptocurrencies. Yet he remains optimistic about the ecosystem:

“2019 will be volatile, entertaining, and full of surprises. But I am confident that the stress caused by the 2018 crash will lead to more growth.

Scher further addressed some key underlying issues that according to him are hindering the progress of the crypto space. In doing so he laid down some of his ‘thoughts, observations, and predictions’ for the year ahead.

“The Industry Must Engage with Regulators”

Scher stated that it is critical for the industry to work with lawmakers to adopt appropriate regulation. This will in return promote the industry’s legitimacy and therefore, advance mainstream adoption.

“Regulation is the most important topic in crypto today. How regulators decide to treat cryptoassets and crypto companies will be a huge determinant of this industry’s success.”

Probably this is why, back in September 2018, Digital Currency Group, Coinbase, and Circle launched a pro-crypto lobbying group. Industry’s support towards the legislator implies that the industry is serious when it comes to protecting the consumers.

The industry needs to proactively and effectively make the case that this industry can be a powerful force for good.

Following a similar sentiment, Jeremy Allaire, the co-founder of Circle, a crypto unicorn with a $3 billion valuation stated in that Bitcoin will be a worth ‘great deal more’ in three years and to do that “We have been very active with Congress, with policymakers.”

“Crypto companies need to tighten their belts and prepare for a long winter. Token sales will be hard to execute not just because of uncertain regulation, but because liquidity has dried up.”

During the boom of 2017, crypto funds minced hundreds of millions. But as the bubble burst in 2018 they suffered horrific losses which will probably continue this year as well. In the industry’s defense, Scher added that it grew too fast amid the market hysteria, so a period of normalization is here and that’s not a bad thing.