Here’s Why Bitcoin as a Cryptocurrency is Leading the Ongoing Financial Revolution
Even though the crypto market at large has been in the grips of immense bearish momentum for the better half of 2018, there are many signs which indicate that this this market space is primed for bigger and better things in the near future.
1. Altcoin Volatility Has Been Low for Quite Sometime Now
Even though Bitcoin has not had the amazing year that many had hoped it would, data released by Forbes last week shows that the overall volatility of the crypto sector has gone down quite a bit this year.
2. Crypto Exchanges Have Gained Immense Traction Recently
As per a report released by Recode, Coinbase, the world’s largest cryptocurrency trading platform, is joining hands with New York-based investment firm Tiger Global, in an effort to further strengthen its market position. As a result of this partnership, the net worth of Coinbase is all set to shoot up to a staggering $8 billion.
Apart from Coinbase, Binance too has surged in popularity over the past year or so, with the unicorn startup reaching a billion dollar valuation within just 8 months of its launch.
3. Bakkt Promises to Be a Game Changer
As many readers may already know, Intercontinental Exchange (ICE) recently announced its plans to partner with Microsoft, Starbucks and Boston Consulting Group to launch a new crypto trading desk by the name of Bakkt.
On paper, Bakkt is poised to change the way in which institutional investors approach and get involved with the crypto market.
4. The Talent Keeps Flowing In
Another facet of the crypto sector that many people find intriguing is the inflow of a lot of big name individuals from the conventional financial space to various blockchain oriented firms.
For example, some time back, Michael Li, a former executive at LinkedIn, left his high profile job at the company to join Coinbase. Similarly, Binance too recently roped in Wei Zhoe, a Wall Street capital markets specialist who managed several IPOs on the New York Stock Exchange and NASDAQ.
5. Crypto’s Appeal Spans Across Various Demographics
A common misconception regarding cryptocurrencies is that they are mostly popular with Millennials and other young folk.
This could not be further from the truth, since a lot of Bitcoin holders currently lie in the 30-55 age bracket.
6. Mainstream Advisors and Analysts are Also Taking Notice
While previously relegated to the interests of a few niche players, cryptocurrencies are now being viewed as serious financial propositions by established financial advisors across the globe.
To further elaborate on this point, a recent survey by Bitwise Asset Management found that
“out of the 450 registered financial advisors who were interviewed by the firm for the study, 83% had clients who were asking about crypto”.
7. Alliances Galore:
As time has passed, a host of industry leaders within the crypto space have come together to form alliances so as to advance blockchain technology and push for more innovation within this burgeoning field.
For example, Gemini and Bittrex recently came together to establish the Virtual Commodity Association Working Group (an entity that is looking to improve trade standards that exist within the crypto sector today).
8. Regulatory Support
Not only are various leading crypto company's coming together to form alliances these days, but even regulators from all over the globe are teaming up with one another in an effort to stay abreast with today’s fast-moving global fintech sector.
9. Blockchain Oriented Courses are Being Taught Globally
Some of the world’s leading educational hubs including Stanford, RMIT, Berklee have been offering students with specially designed courses on blockchain technology and cryptocurrencies for more than a year now.
Researchers at the Imperial College London as well as the IMF have recently released studies claiming that the “rise of cryptocurrencies is inevitable” from here on out. However, like everything else, the crypto domain too will take some time to evolve and become part of the mainstream.