Cryptocurrencies are just a decade old and it has impacted more lives than any prominent new tech in the last century. Although it has been on the receiving end of many bankers and financial experts, calling the decentralized form of currency system flawed, volatile and with no real use in the daily lives.
However, as time progressed, the sentiments towards the crypto space are not just changing fast, but so much so that, the biggest critiques have either turned into an admirer or joined on the crypto bandwagon.
Crypto trade markets have experienced one of the longest crypto winters since its inception, and even though the market trends were responsible for the majority of the investors losing a significant chunk of their investment, the recent bearish trends were not all bad.
In reality, the longest crypto winter has been able to lure more traditional wall-street investors to the crypto space who were otherwise convinced that the cryptocurrencies are just another bubble waiting to burst. However, the sentiments have changed as many analysts believe that the recent bearish trends were responsible for cutting down the price volatility by a great extent.
Price volatility was one of the most prominent reasons for traditional investors to keep a safe distance, now that it has been cut down, more and more traditional financial institutions are either looking to foray into the crypto space with their own stable coin, or open crypto trading, hedging, and other services.
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Traditional Institutions Have Realized The Future is in Crypto
Be it JP Morgan, Barclays or other prominent financial institutions around the globe, most of them have realized the potential of the distributed ledger technology and the future of cryptocurrencies. JP Morgan, who is one of the leading firms in the financial sector and an avid critique of the crypto space, especially Bitcoin, has come around to form their own stable coin called JPM coin.
Barclays, another leading bank is looking to offer crypto trading service, similarly, many other financial institutes are looking to invest in the crypto focused services.
2018 has proven to be a big milestone for the crypto space, where most of the major players of the financial sector has joined hands with the crypto space to offer a number of services to its customers.
One must note that, apart from the business opportunity that these traditional firm sees in the crypto space, the demand of customers to include the cryptocurrencies in the traditional sector played a very important role in bridging the gap between the two sectors.
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Why Cryptocurrency is the future
Every new technology goes through a cycle of ups & downs before gaining stability and becomes a formidable force to reckon. Be it the late 90s dot com boom, where most of the laid back folks declared it a bubble and were pretty confident that it will fail. The same cycle was followed with the launch of Bitcoin, and now the preliminary cycle of bubble-like behavior is on the verge of its end.
Take the price fluctuation of Bitcoin in 2017, at the beginning of the year, the token was valued at around a thousand dollar and by the year-end, it peaked $20k. However, in 2018, the prices fell significantly, but the more important factor to be noted was the stability. Bitcoin has rallied around the $3200 mark to $4,000 mark.
Cryptocurrency is the future, not necessarily all the coins would make it to the end when the world economy is decentralized, but the idea and concept of the currency will live and Bitcoin would be the “Amazon” of the crypto world.
2018 was a year to forget for the crypto investors, however for those who believe in the technology and mostly focused on mass-adoption would rejoice every bit of 2018, especially now that it has passed. The year not just bridged the gap between the traditional financial institutes, but also saw some of the most troubled economies like Venezuela get another lease of life when their centralized banking system brought them on the verge of a civil war.
The gap will become negligible in a decade worth of time since the focus is more on refining the technology rather than focusing on the market value. Even Tech giants like Facebook and Apple are looking to incorporate digitization of currency into their system.
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