We find a bottom for large, durable and liquid crypto-assets (such as Bitcoin)
Fred Wilson, a leading venture capitalist and co-founder of the world-famous Union Square Ventures, who holds shares in Twitter, Tumblr and Kickstarter, recently looked at his famous blog for market expectations for 2019. After discussing macro-economics, touching From the recent news with the US Federal Reserve, the trade dispute between China and America and the turmoil on the stock exchange, the crypto-friendly investor took some time to discuss Bitcoin (BTC) and other blockchain-based assets.
Following Joseph Lubin, co-founder of Ethereum and the founder of blockchain development group ConsenSys, Wilson noted that we are approaching a bottom for this burgeoning asset class. In the blog post, titled & # 39; What is going to happen in 2019 & # 39 ;, he wrote that for many large, liquid and persistent crypto-tokens (such as Bitcoin, Ethereum and other famous names) a soil is festering.
Although this nascent market is on its way to a bottom, Wilson noted that this process could occupy a large part of 2019, mainly because of the volatility of this asset class. The Union Square's top brass member adds that he does not expect the current silence that Bitcoin range trading has seen in a small zone to continue. In fact, the prominent financier noted that a number of "bullish runs followed by sales pressure" will bless cryptocurrencies with their presence. The sales pressure, he explained, could lead BTC to redefine the lowest level of 2010 at $ 3,150.
Wilson has not revealed whether he expects cryptocurrencies to identify new lows. However, a number of experts, including Anthony Pompliano of Morgan Creek, have claimed that Bitcoin could find itself below $ 3,000 before real soil is discovered. At a certain point in 2019, however, the venture capitalist noticed that this industry is slowly but surely going through a "new bullish phase".
Completed promises from 2017 will raise Crypto in 2019
Speaking of what the cryptocurrencies will catapult to the aforementioned bullish phase, the investor drew attention to the countless ambitious promises made in 2017, adding that those who are fulfilled in the coming months will push this industry to new heights. As many consumers know, 2017 was dominated by projects that promised great domination worldwide, but in 2018 it did not even succeed in reaching even a fraction of their original goal.
By pointing out specific examples with which he has links, Wilson exclaimed that he hopes that large projects, such as $ 200M + Filecoin and Algorand, will begin shipping. He added that he expects & # 39; next-gen & # 39; smart contract platforms, such as Cosmos, will ultimately challenge the hegemony that Ethereum has built up over this subsector. Wilson noted that this competition will incite Ethereum to send improvement protocols, such as Constantinople in the coming weeks, along with possible early iterations of Serenity.
In addition to an increase in awareness for the so-called "blockchain 3.0" platforms and innovative projects that were set up in 2017, Wilson stated that consumers will start by adopting stablecoins, NFT / crypto resources for crypto-gaming and earning / spending options.
Yet he explained that this sector is not entirely clear, because he explained that there might be misleading regulators who take action as bona fide projects, which in turn will damage this industry. In addition, Wilson noted that he expects hacks, scams and failed projects to continue bullying this industry, which will reduce cryptocurrencies. But in general he noted that this is the case with an emerging technology, claiming that he is optimistic about cryptocurrencies in the long term.
Title Image With thanks to Marco Verch Via Flickr