South by Southwest (SXSW) Conference Increases Positive Sentiment Around Bitcoin
The South by Southwest (SXSW) conference in Austin, Texas, is helping investors and the market have a more positive stance towards digital assets and the crypto market as a whole. The sentiment in the space is closely related to the price action of the most popular digital asset in the market. If the price grows, the community gets excited about it, if it drops, the sentiment follows.
Although the market has been in a bear trend since the beginning of 2018, there are investors that seem to be very interested in the future of the cryptocurrency space. Cameron and Tyler Winklevoss, the recognized investors in the crypto spaces and founders of the popular cryptocurrency exchange Gemini, have been discussing different topics at the conference.
In a recent blog post written by these two investors, they explained how the level of audience engagement is signalling that investors are following very closely the improvement and development of these technologies.
On the matter, they wrote:
“Look no further than the packed house we saw from the stage – the energy and excitement around crypto’s future was palpable – money has a future. Perhaps more importantly, the level of engagement and thoughtful questions posed by the audience on topics such as stablecoins, mining, financial disruption, scalability, and others, demonstrates that cryptocurrency is in fact no longer a fringe technology.”
There are many fundamentals behind Bitcoin and other digital assets that let us see that the technology is growing and evolving at very fast rates. The market is becoming more mature as time passes and investors are placing their funds in the space. Innovation, improvement and development are the main points in which firms are focusing on.
At the same time, the twins talked about the market sentiment. They said that back in 2017, mania overshadowed discipline and everything seemed like a good idea. Now, after a bear market that started at the beginning of 2018, entrepreneurs are investing in high quality projects rather than in any single Initial Coin Offering (ICO) launched to the market. As per the Winklevoss twins, this will lead to better results for the industry as a whole.
There are several firms and companies such as Gemini, the Intercontinental Exchange (ICE) and Fidelity Investments that are building the platforms for institutional investors to enter the market in the future.
In the last few hours, Bitcoin has surpassed the $4,000 barrier and is currently being traded above that level. If the most popular digital asset is able to remain in these levels, we might be able to confirm in the next weeks that the bear market could be over.
We also saw the CTO of Ripple talk about XRP being a security or not at SXSW in which you can watch the video below:
We took the time to break down some of his main comments if you want to read about them here.