Cambridge University Study Finds Bitcoin’s Collapse Speculation to be Greatly Exaggerated
A new study by Cambridge University titled 2nd Global Cryptoasset Benchmarking Study found that there seems to be an exaggeration concerning the end of bitcoin.
Bitcoin is actually doing quite well. The study found,
“Diversification has increased, with a rise in cross-segment expansion, meaning 57% of companies now offer integrated services to customers. Multi-coin support has also increased, from 47% of service provides in 2017 to 84% today.”
Further, those who believe that hash power and mining is an issue may be wrong. There has been a significant amount of growth in North America, especially in facilities that use energy from renewable resources. There has also been growth and maturity in the market, due to an increase in self-regulation.
The study defines a bubble as growth that is ten times larger during the course of six months of fewer. The bubble is then followed by a significant decline that impacts local or a singular crypto asset.
There has also been a great deal of media coverage in 2017. The media coverage then led to a cryptocurrency bubble and ultimately, the decline in process that this year ha experienced. The big media narrative is that crypto has died altogether. According to the report, though,
“Statements proclaiming the death of the cryptoasset industry have been made after every global ecosystem bubble. While it is true that the 2017 bubble was the largest in Bitcoin history, the market capitalization of both bitcoin and the crypto asset ecosystem will exceeds its January 2017 levels – – prior to the start of the bubble. This report has shown that the speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plan of the industry participants will, at most, be delayed.”
Essentially, the naysayers have predicted bitcoin’s death 330 times and more – yet, it is still here. The big question here is what the future will entail.