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CRYPTOCURRENCIES


FX


majority.” That’s when a new product crosses the


“tipping point,” according to marketers. Chart 1: Bitcoin Price YTD


Business Policy Council. “Additional “hard forks” and the continued lack of consensus among developers about a path forward will further widen the chasm between Bitcoin as the most accessible and widely recognized cryptocurrency and the altcoin community.”


That doesn’t mean that all altcoins will survive


go away. and grow up


“Some to be


explosive enterprises, that have real products and generate real and substantial revenues. altcoin will follow somewhat that same pattern,” Steve Russo, Executive VP Eclypses. “Those that are whimsical and have no real value will vaporize, while the real ones will not only survive, but thrive over time. “


Bitcoin had a bad year in 2018. The digital currency lost 73%


Source: KOYFIN


of its value, dragging down the entire cryptocurrency market.


There are several reasons for that. Like the proliferation of altcoins, which expanded the “horizontal” supply of cryptocurrencies. Then there’s the lack of transparency in Initial Coin Offerings (ICOs). It has turned the cryptocurrency markets into a modern day “wild west,” scaring investors away.


And there are the persistently low adoption rates. In spite of the buzz generated in social media, Bitcoin adoption has


been growing This means that slowly, as


evidenced by a recent Gallup survey.


Bitcoin


remains an exotic currency for the “innovators” and the “early adaptors,” yet to reach the “mass


Author of: Te Ten Golden Rules Of Leadership


But there’s one more reason behind the decline in Bitcoin’s value in 2018 - rising interest rates. They cooled-off speculation across all markets. Still, things can turn around for 2019. A softer regulatory stance could pave the way for the long- awaited launching of Bitcoin Exchange Traded Funds (ETFs) and could allow a broader investor participation and give a boost to the digital currency.


That’s “ironic,” according to


the A.T. Kearney report.


“Ironically, for cryptocurrencies to see a third decade, the only viable path forward involves this acceptance by the international financial system that Bitcoin once sought to defeat.” Meanwhile, a pause in interest rate hikes could bring back investors to the Bitcoin market. That’s what Bitcoin bulls need after a dismal 2018.


Panos Mourdoukoutas


Professor and Chair of the Department of Economics At LIU Post, New York


FX TRADER MAGAZINE January - March 2019 67


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