Bitcoin’s Future To Be Volatile Amid Cryptocurrency Growth
If you think the cryptocurrency field of late has seen some ups and downs of late, well, then you’ll want to strap in for the next several months. New word from the deVere Group suggests that bitcoin’s price fluctuations have really only started, and that the age of cryptocurrency itself may just be started.
The deVere Group’s founder and chief executive, Nigel Green, released his own remarks on the topic at about the same time bitcoin took a $2,500 loss in value. Green noted that bitcoin investors had already seen a spectacular amount of change just in this year, and that even a correction as sharp as the one just seen was perfectly rational given the sheer frenzy of trading seen. Profit-taking was likely inevitable given the circumstances, and Green advised traders to expect “see-sawing” in the price tag of a bitcoin.
Green also urged caution, considering bitcoin a “major gamble” and an “uncharted waters asset.” Further, he noted “Bitcoin’s impressive rally has piqued interest in the phenomenon of cryptocurrencies in recent days and pushed demand further skywards. I believe we will look back on this point as the start of digital currencies becoming mainstream. They can no longer be dismissed as a fad or fraud. Of course, Bitcoin and other cryptocurrencies will rise and fall – but all traditional currencies do the same. As they become ever-more established, cryptocurrencies will gain in popularity and the growing cryptocurrency mania will likely result in the launch of more and more digital currencies to meet demand.”
One point that’s hard to deny, based on the nature of cryptocurrency and mobile payments as we’ve seen it over the last few years, is that cryptocurrencies are likely to stay. Granted, maybe not the hundreds of alternatives we’re seeing right now, but cryptocurrencies in some form are likely to stick around for the foreseeable future. Greece, large portions of Africa, and plenty of other examples are showing us how these systems are facilitating cross-border commerce and providing a hedge of wealth protection all over.
There’s value in the cryptocurrency concept, but these are still early days in general. We’ll see quite a bit more value fluctuation before it’s all said and done, but when the dust settles, we may have one of the best new mobile payments systems ever on tap.