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If you’ve been following the market like so many others, you’ll have noticed that last year Bitcoin reached a peak of $800 billion in January of 2017. Soon after this, the regulatory started to crack down on this market because they feared this could end in great losses. This lead to a major plunge of the currency and it fell almost two-thirds of a percent. By April the currency had fallen 70%.
Bitcoin was actually created by a group of people because of the bitterness in the year 2008 because of the financial crisis. This isn’t an actual currency that can be printed on paper or gives you coins to exchange. The idea of this currency, how it is policed and governed is done by a group or community of users acting in a decentralized way who follow the protocol that was created by the person or persons who deemed them up.
To cut it short there are many banks that have now prohibited cardholders from using their credit cards to buy cryptocurrency. The banks fear the risk that is associated with these transactions. Many people fear the use of cryptocurrency because it has been widely associated with scams, hackers demanding payment, and money laundering.
If you take a look at all this I think the only real way this market can survive is if there is some sort of regulatory put on it. The market shouldn’t be set up and work because of a few people who decided on how it should work and allow a community to govern its existence. Because of some of the current problems and issues, this market can either crash, go out of existence, or survive and flourish. Only time will tell us what the further of Bitcoin and cryptocurrency has.
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The cryptocurrency market is so unstable, but it’s not dead in the water yet, though the Bitcoin price has lost 70% since it’s $20,000 peak last year. The Securities and Exchange Commision has rejected every Bitcoin ETF(exchange traded fund) it has seen this year- also Goldman Sachs is ditching plans as well to opening a desk for trading cryptocurrencies, as the regulatory framework for crypto remains unclear.
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From time to time, individuals in high positions in different budgetary establishments get scandalized over digital currencies’ apparent risk to the predominance of fiat. Bitcoin is a trick, crypto is noxious, it can’t be utilized, it will never supplant fiat cash.
Past the way that such voices appear to challenge a lot at the approaching unrest focusing on old fashioned misty and over-brought together foundations, does anybody genuinely think crypto stands to supplant fiat cash, in any not so distant? Indeed, even the most hopeful supporters simply foresee vast scale appropriation, as opposed to totally supplanting the current framework.
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The future of cryptocurrency is very vague, it is very difficult to predict something when even the nearest future cannot be foreseen.
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