Blockchain Intelligence Group Thinks Bitcoin’s Current Demise Is Due To “Lack Of Education” In The Crypto Market
Blockchain Intelligence Group Believes That Bitcoin’s Present Demise Is Due To “Lack Of Education” In the Market
The cryptocurrency market of 2018 has not been as profitable as the previous year expected. From the moment the year began, Bitcoin and altcoins have been on a rollercoaster ride. However, based on an interview that Blockchain Intelligence Group (BIG) was in with Finanzen.de, the organization believes that the “lack of education” amongst investors is to blame.
BIG’s CEO, Lance Morginn, said that the bear market this year is a direct result of three factors – the onslaught of new investors last year, regulatory changes around the work, and the concept of supply and demand. Morginn added,
“You couple all these factors together, along with the lack of understanding that the average individual has of the sector, and that's the reason the pricing of crypto and where it's at today.”
Bitcoin has been leading the pack of altcoins and other crypto assets in their plummet this week, reaching lows that the market has not seen in well over a year. Bitcoin Cash was one of the biggest sufferers, which has primarily been due to the hard fork that it went through recently. As a result, Bitcoin Cash dropped by 50%, while Bitcoin was in the 30% range.
Many commentators have shared Morginn’s opinion that the newbie investors of 2017 had a lot to do with the bull run of the market last year. However, with this idea in mind, it is possible that the long-term holders will be the only ones left, if the numbers do not pick up soon. However, Morginn is not worried.
“The good news for BIG, however, is that as long as crypto has a form of value and the criminal element could be using it as a mechanism of payment, our services are more than necessary to our clients, so this decline does not impact us in a long run.” He added, “The fundamentals of the industry are still intact.”
When former U.S. congressman Ron Paul held an interview this week, eliciting tens of thousands of responses from the community. The resulting opinion is that Bitcoin was a greater option than gold or fiat currency, when considering a long-term investment option.