17 Dec 2019 bitcoin & blockchain expert predictions
Time flies when you’re a bitcoin investor and has it ever flown since it reached stratospheric heights just one year ago when it traded at its record high of $19,298.70.
Today, after a dismal week of trading near record lows of $3,200, investors are faced with the reality that recovery will be long, volatile and unpredictable.
We’ve rounded up a collection of expert opinions to give you a range of predictions for 2019.
What are the experts saying about bitcoin and blockchain for 2019?
Here’s a quick roundup of what the experts predict for 2019 for the beaten-up bitcoin market and the blockchain technology groundswell.
Tom Lee, Co-founder, Fundstrat Global Advisors
“The risk/reward is still strong,” Lee told CNBC. “Given the steep discounts of bitcoin to our fair value models, the excessive bearish sentiment about fundamentals does not seem warranted.”
Michael Moro, CEO, Genesis Global Trading
“The general market sentiment seems to be that this ‘crypto winter’ could last for some time; not too many people are expecting a V-shaped recovery in 2019,” says Moro.
Mike Novogratz, CEO, Galaxy Digital
“I fundamentally think you’re going to see big adoption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain. We’re making big investments in that area.” Ethereum World News
Per Roman, Managing Partner & Alec Dafferner, Partner, GP Bullhound
“We are yet to see the best of cryptocurrencies. Blockchain activity is picking up with even traditional financial institutions ensuring they do not get left behind. 2019 should be the year institutional capital flows into cryptocurrency, with previous obstructions and tight regulations lifted.” GP Bullhound newsletter.
Courtney Rickert McCaffrey, Manager of Thought Leadership, AT Kearney
for“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors,’ says the AT Kearney report. “More broadly financial regulators will soften their stance towards the sector.” Forbes
Jake Yocom-Piatt, Co-founder of Decred
“In 2018, we saw the ICO model die, Ethereum flame out, dApps and tokens go to zero, and ERC-20 projects generate insanely creative business models just to avoid regulation in a brazen grab for cash. Observing these failures reinforced our belief that the blockchain-driven future isn’t a quick fix. It will take decades, patience, and longevity to build and gain mass adoption. I’d compare it to the Internet, which was founded way back in 1969 but didn’t see mass adoption until decades later. Even though many of the people who worked on the Internet foresaw the applications we use today, it took years for the technology to support it and for consumers to adopt it. The takeaway is that only blockchain projects with strong governance systems are built for the long-run and will survive in 2019 and beyond. Contrary to popular opinion, 2019 will not be about exciting new ways to use blockchains. It will be about which cryptocurrencies get the fundamentals right, organize their collective intelligence, and can endure the gyrations induced by ignorant prospecting. Just like during the dot-com bubble, endurance matters. Those that survived the dot-com crash stood tall over those who ran out of gas. It was those projects that came to dominate the space.”
Akbar Thobhani, CEO of SFOX
“2018 was marked by significant infrastructure developments and institutional buy-in. Despite the recent bear market conditions, this trend will continue next year. I believe that as prices recover, we’ll see at least one $50 million or over ICO that is registered with the SEC or otherwise operates with their blessing. We may even see a player like Fidelity including cryptocurrencies as a 401(k) investment offering. Additionally, whereas most stablecoin efforts were concentrated in the US in 2018, in 2019 more and more countries will adopt their own stablecoins — and in part as a result, stablecoin volume will become collectively greater than the trading volume of a top five crypto.”
Joel Kruger, currency strategist at LMAX Exchange
“While we wouldn’t rule out a downside extension that takes Bitcoin through $2,000, we don’t believe the price will spend too much time below this barrier and will start to find renewed demand ahead of an eventual push back to the topside,” Kruger said in the Verdict.
Kevin Murcko, CEO of CoinMetro
“Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos,” Murcko said in the Verdict.
David Thomas, Director of cryptocurrency broker GlobalBlock
“Many billionaire investors in traditional financial markets remain optimistic about the long-term upward trend in crypto despite the near 85 per cent decline in valuation across the board,” Thomas says. “The simple fact is that these high-profile investors can manage losses that arise from these movements in high-risk emerging assets as they are only a proportionately small part of their overall portfolios, and they believe in the value that will be created in the long-term.”
Kristjan Kangro, Founder & CEO of Estonian blockchain firm Change
“As such, it doesn’t matter what the price of bitcoin is, what matters is how blockchain restructures our societies and economies. We are seeing this restructuring happening today and productivity will follow. In short, even if bitcoin becomes obsolete, the underlying blockchain technology that has spawned an entire industry will still live on,” he told The Independent.
Romal Almazo, cryptocurrency & DLT Lead, CAPCO
“Once the price of bitcoin bottoms, expect a slow recovery or stagnation, coupled with consolidation. Bitcoin has been the biggest asset bubble in history; and history tells us that after a collapse in an asset bubble recovery is slow, if not anemic. Expect a collapse and consolidation throughout the market – miners, tokens and coins,” Almazo writes.
Barry Ritholtz, Founder, Ritholtz Wealth Management
Finally, just to help you keep the bitcoin and blockchain bulls in perspective, check out Barry Ritholtz’s opinion piece 2019 Forecast: Predictions Will Be Wrong, Random or Worse in Bloomberg.
“The spectrum of predictions ran from the sublime to the criminally negligent to the utterly insane. It got so bad that a website was set up to track all of the Bitcoin prophesies.” Bloomberg
As you get ready for the holidays, the Blockcoin Today team hopes your own bitcoin and blockchain predictions will be merry and bright.