The crypto market recently experienced a bearish run driven by a range of factors such as the recent comment by IMF, delayed investor participation and regulatory pressure. With the crypto market dropping about 18% since May 20, investor sentiment has been wavering over the past few weeks. However, here are some reasons to remain bullish about the future of the industry.
The adoption rates continue to increase
Cryptocurrency adoption has continued to rise throughout 2018, with more people both buying into the digital coins and looking for ways to use it. As cryptocurrencies become adopted in major financial institutions and accepted at major retailers and online sites as the norm, their values will continue to increase, and in turn their prices. This may lead to a major bull run, either towards the end of 2018 or in 2019.
Venezuela and Lingering global finance crisis
Despite the tragedy being experienced by the average citizen in Venezuela, the country’s ongoing crisis over hyperinflation of the Bolivar is providing a case study for the cryptocurrency. Bitcoin and DASH adoption in the country has gone sky-high since the Bolivar tanked in value, despite the government’s attempts to institute a state-backed digital asset based around the value of oil. If there was one facet of 2018 to signify the legitimacy of cryptocurrency, it lies in the ability for people around the world to separate themselves from government fiat–and thereby the monetary policies of their country–through the use of Bitcoin and other currencies.
Cryptocurrencies are changing the way businesses work
The great promise of decentralization of less hierarchy, customer-and worker-friendliness, and less bureaucracy has yet to be fulfilled. But every now and then, we can witness what decentralization means and its benefits in various sectors.
What’s your take on these reasons to remain bullish about the industry?
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