University Of California, Los Angeles Professor Forecasts ‘Crypto 2019’ As Another Poor Year Forthcoming
University Of California Professor Predicts A Bad Year For Crypto, Surpassing 2018
Cryptocurrency had a truly rough year last year, and many investors have been looking to the start of 2019 as a saving grace for their crypto wallets and other investments. Though there has been a slight upturn for many exchanges and tokens, Scott Galloway has predicted an increasingly rough year for 2019. The professor from University of California Los Angeles (UCLA), says that bother virtual reality and cryptocurrency will see the next 12 months as full of struggles.
Typically, new markets and technologies have progressed in cycles, with very minimal intervention from other catalysts. Because of this cycle, the cryptocurrency market does not see much change as the rest of the industry moves. Last year brought bad news for many emerging markets, like crypto, VR, augmented reality, and artificial intelligence, considering the minimal growth.
Before 2018, all of these same technologies had been flourishing, but the valuations in the markets didn’t keep up with the respective rate of growth.
“VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.”
Last year was particularly rough for 3D printing, considering the massive correction in 2014 that is still impacting the companies that use this technology. With the movement in cycles, Galloway seems optimistic that the 3D printing market will be revived again within the next few months.
Even though there is a chance that Galloway’s evaluation of the crypto market’s progress is accurate, the fact that crypto rarely follows the changes of the rest of the industry could bode well here. Multiple financial institutions are working within the crypto sector, like Fidelity, NYSE, ICE, and Nasdaq.
In December, a billionaire venture capitalist by the name of Jim Breyer had said that the blockchain industry was about to welcome the best computer scientists in the world. He noted that the idea of just challenging their talent in their gravitation towards crypto would be a risky decision.
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to be against the best and brightest in the world.”
Most experts believe that that this will be a less volatile year for cryptocurrency, saying that the bear market is almost over. However, there is a major chance that the first two quarters will bring the biggest losses still.