A panel of crypto and blockchain experts from CEO mastermind group The Oracles recently shared where they think the digital currency market is headed in the coming years.
Their predictions, published in Entrepreneur, indicate a positive sentiment over the long term, with cryptocurrencies eventually gaining more traction, legitimacy and use.
According to Judd Rosenblatt, founder and CEO at AE Studio, a web development and data science consulting company, crypto is excellent long term.
“[We’re] constantly impressed with the progress and innovation that’s happening in the space. Blockchain technology is evolving fast and becoming increasingly important; so I think of crypto as an excellent long-term, albeit high-risk, investment.”
Lorenzo Pellegrino, CEO at Skrill, NETELLER and Income Access at Paysafe, says that while the crypto markets might have crashed, the growth of infrastructure enabling digital currency platforms has remained steady, with Bitcoin evolving into a relatively large, multi-billion dollar ecosystem.
Dan Schatt, co-founder and CEO at Cred, points out that the global financial crisis in 2008 decimated people’s life savings. Bitcoin emerged as an alternative system.
“[Bitcoin] has been declared dead by journalists 378 times, including 40 times this year. But Bitcoin won’t die because it can be trusted more than most government currencies. There is no intermediary. And in a world full of failed financial intermediaries, that is a big deal.”
According to Johann Polecsak, co-founder and CTO at QAN blockchain platform, mass adoption begins as the new technology enhances workflows, streamlining routine procedures for enterprises.
“When the internet started, companies had to integrate the technology to deliver content for users to consume. That’s where we are now with cryptocurrency, but we’re missing platforms that companies can leverage and are capable of operating on a global scale.”
Alex Althausen, CEO at StormGain, a crypto trading platform, recalls the year 1997, when Amazon stocks surged past $300 per share, but then crashed to under $6 once the dot-com bubble burst in the early 2000s. The stock is now trading at $1,789 per share.
Following Bitcoin’s tumultuous rise and fall, after reaching an all-time high of more than $19,000 in 2017, Althausen sees this same Amazon-style pattern happening with digital currencies.
“My advice is to keep an eye on the Bitcoin halving in 2020, which can dramatically change the cryptocurrency supply and demand equation.”
Rounding out the six influencers, legendary billionaire venture capitalist Tim Draper, a long-time Bitcoin bull, stands by his prediction that BTC will trade at $250,000 by 2022 or early 2023. His timeline differs dramatically from veteran Wall Street trader Tone Vays, who claims Draper’s near-term predictions are far-flung.
“In a year, there will be no reason to pay banks 2.5 percent to 4 percent every time you swipe your credit card. Bitcoin is a frictionless transaction.”