With some of the media calling for the immediate demise of Bitcoin, some of the other experts in the industry believe that the market leader will have no issues surviving the onslaught of brutal attacks that are being repeatedly performed against the coin while it makes a total recovery.
BTC is under constantly under attack, mainly due to the major drop of Bitcoin’s price which as of now is at around $6,628.55 now.
The first of all cryptocurrencies has seen some extremely rapid drops in value since the beginning of the new year 2018. With highs around $20,000 in December of 2017 – to yearly lows under $6,000 in June. While nocoiners have used the drop-in price as an opportunity to call Bitcoin Dead, many experts state that it’s way to early to make claims of this nature.
One of the experts who makes these reports is Jacob Piotrowski – CEO and Founder at Give Bytes, who also told Express.co.uk that it is far to early to start speaking about the death of cryptocurrency entirely. He stated:
The price of bitcoin peaked in December at nearly $20K and that was probably too much so the correction was inevitable. We have to bear in mind that BTC is constantly under attack — we’ve witnessed a couple of exchanges being attacked and some governments and central banks issuing statements that were supposed to discourage people from bitcoin. It doesn’t seem to have worked as the cryptocurrency market keeps on growing despite volatile prices and approaches the $250 billion cap.
For the cryptocurrency to recover, certain things need to happen for Bitcoin. Piotrowski told the daily national middle market tabloid newspaper that there needs to be a stronger foundation with a more efficient cryptocurrency infrastructure needed – specifically “ATMs, payment gateways for e-commerce, mobile wallets, POS terminals accepting cryptocurrency and other regulations as well.
The Long-Term Path For Crypto Coins Is Upward
Founder and CEO of deVere Group, Nigel Green also agrees that Bitcoin and other cryptocurrencies are far from dead. He told stated to Express.co.uk on the long-term path cryptocurrencies is on. According to him, the path is upward, even though others in the financial industry may want you to believe otherwise. He reported on four reasons why:
First, the world needs and demands digital currencies in a digital age. Second, cryptocurrencies are beginning to be adopted by established financial institutions. Third, household name retail and institutional investors are jumping on board the crypto train. And fourth, regulation of the cryptocurrency sector is now becoming inevitable.”
Bitcoin has definitely seen some harsh times, while being weathered by the storm – at the same time, the cryptocurrency has held its own. As of now, there is no reason to suspect the cryptocurrency will fail this time around.
What do you think? Will Bitcoin survive the constant attacks? Will it be able to make a full recovery this year in 2018? Tell us your thoughts below I the comment section below.