Peter Smith, CEO of Blockchain Inc. has recently released several statements in an interview given on the forward movement of the current cryptocurrency marketplace. Specifically, Smith has stated his view on the consolidation of the market happening over the next few months. He’s spoke on several topics for believing what he does, as the increased entry of investors from institutions into the market start to happen.
It comes once Bitcoin viewed a rally above the $7000 mark in price, after the long wave of extremely volatile behavior. The coin once again broke the $7000 price point, the continued to display a consistent price above the set limit.
Smith spoke on the last couple years, how the industry has seen harsh ups and downs, but slow integration of different markets. The consolidation of the market is still happening at a snail’s pace. Basically, meaning it’s likely we’ll see things speed up a little bit throughout the rest of the year.
Smith believes the current cycle of the market, places it in a good spot because of the crystal clear regulatory clarity. It was nowhere near this clear last year, plus, the institutional investors where not present either as they are now. The change is creating a new flow for the cryptocurrency.
As of now the retail market is slow, effecting the whole, because the market is generally led by the retail industry. The market is now seeing a huge upbeat process by institutions which is why Bitcoin is rising again. The coin is still the powerhouse token, go to for major investors who are new to the market, and is one of the most regulated of all coins.
New institutions to the market appreciate the regulation, so typically buy Bitcoin first, which is why it will likely out perform all other cryptocurrencies over the next six months. Even more recently, the technology solutions for Bitcoin’s custodial purposes run by institutional investors have surfaced, like that of Coinbase’s Custody Solution.
The new emerging solutions are deeply in line with Michael Novograt’z prediction for the state of the entire marketplace, plus he sees the custodian solutions as major driving forces within the market. Just this spring, in May, he also was heard speaking about Bitcoin and how it will likely reach a high because of the custody solutions for digital assets, especially, wallet related services and private key solutions offered.
Much of the progress is directly related to the infrastructure that is built to give some of the new institutions yet to emerge into the market a chance for success. There’s a lot going on in talks right now, specifically about institutions stepping into the market, however, it’s unlikely we’ll see the full-term effect of the process until the middle of next year, in 2019.
What do you think? Is Bitcoin only on the rise, and is it because of the new institutional investors getting involved in the cryptocurrency space? Tell us your thoughts on the current state of Bitcoin and it’s future in the comment section below.