Crypto market and demands surrounding it likely to grow in 2019

Will the younger generation want Bitcoin rather than gift vouchers in the future?

by Manoj Sharma for CNR

The crypto market might be down, but its growing popularity is unstoppable.

According to a new episode of CNBC’s Fast Money, the cryptocurrency space is developing quickly, and the demand for Bitcoin is most likely to grow in the coming year. The episode asserts that younger generations will request Bitcoin and other digital assets in place of gift cards and cash on their birthdays, or when Christmas rolls around.

The episode also predicts that financial institutions and central banks will ask for scarce, non-sovereign virtual currencies in future, and at the same time, the opportunities for programmable money will grow heavily.

The crypto market has had an exciting and shocking year. About a year ago, the price of Bitcoin rose to an all time high of approximately $20,000. Weeks later, other currencies like Ethereum and Ripple also experienced a huge price growth.

The market was booming until the beginning of 2018. Many crypto assets began to tank and did not recover. Bitcoin has fallen more than 82 percent while Ethereum and other cryptocurrencies have fallen more since December 2017.

However, this doesn’t mean that the market can’t get back to good conditions.

Spencer Bogart, a partner at Blockchain Capital, predicts in the episode that Bitcoin will experience a major comeback in 2019. He accepted his prediction for Bitcoin rising to $50,000 was wrong, though he is sure of Bitcoin gaining new heights in the coming year.

He shares that “at Blockchain Capital, we focus on long-term trends. Could Bitcoin still go to $50,000? Absolutely! How long will it take? I’m not sure. Up until recently, Bitcoin has been a market predominantly driven by retail players, so in bull markets, we go a little too high and in bear markets, we go a little too low. This has still been a remarkable year for Bitcoin. Try to ignore the price. We’ve seen endowments like Yale and MIT enter the space; we’ve seen qualified custodians move into the space, and the level of talent coming in is incredible. Young people’s imaginations are completely taken by this technology.”

We wait and see if he’s proven correct…

Image: BigStock