Recently, James Bevan, a chief investment manager with charity fund CCLA, opined that the recent instance of the crypto market collapsing is merely a “bump in the road”. He was speaking at the Bloomberg Crypto Summit in London when he made this comment. The cryptocurrency prices nosediving on Friday was just the latest in a long string of disappointing turns it has taken all through this year. However, if you think along the lines of Mr. Bevan, things probably don’t look as gloomy to you as it does to the rest of us, as we read yet another headline about the Bitcoin price stumbling downward, taking other crypto prices with it. In this latest episode of the carnage saga this year has witnessed in terms of prices, we saw the crypto market go through a bloodbath.
Bevan, during the course of the said panel discussion at the Bloomberg summit went on to say that he does not view the current fortunes of the crypto market as being anything akin to a long-term “existential crisis”. Rather, he views it as just a temporary obstacle that the market has strong potential to overcome. He also compared the vitals of the crypto market to the nature of the traditional finance sector, saying that the latter had encountered as many roadblocks, if not more, as the crypto market. Despite having faced such barriers, the traditional finance sector has managed to bypass them time and time again, proving that such seasonal slumps hardly foretell doom for the industry at large.
As it emerges from the Bloomberg article detailing the developments that transpired over the course of the summit, the speakers also emphasized heavily on the fact that crypto will soon see much higher levels of regulatory control. Therefore, while the panel discussions struck a positive note with Bevan’s comments, they also focused on the upcoming needs of the industry, including greater regulations, higher degrees of institutional association and most hearteningly, the possibility of seeing lower levels of price volatility.
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