Cryptocurrency experts, including Overstock CEO, Patrick Byrne, believe that there is no need for bitcoin to trigger price explosion in the upcoming period. At the same time, they opine that price explosion could come from other digital coins. Their comments assumed significance since eight out of the top ten virtual assets had gained more than the leading asset price in the 7-day period. Bitcoin is the second least gainer among the top ten suggesting the shift towards other cryptos.
Mass Adoption
Without specifying any digital currency, Overstock CEO said that he sees mass adoption of virtual assets. During a recent interview, he expressed his skepticisms towards the existing financial system and pointed out countries such as Venezuela that are facing a severe financial crisis in the recent past. Though his company started accepting bitcoin since 2014, he is not sure whether bitcoin could fill the void on the possible collapse of the financial system. He left it to the situation to dictate whether it is going to be bitcoin or any other virtual asset.
A cryptocurrency trader, Craig Cobb, thinks that since the price of bitcoin remain stable and trade in $6,800 – $6,100 range, he does not believe anything could change unless it breaks out the range. Therefore, the price explosion could come from any other digital coins. For instance, Stellar’s supporters think that it is not only technologically advanced but also better suited for big-scale usage. Blockchain CEO, Peter Smith, said in a blog post
“(Stellar) token, XLM, enables quick, low cost, worldwide transactions, even when millions of people are using it at once.”
Sustained Stability Period
As far as bitcoin is concerned, there is no doubt that it enjoyed the most sustained stability period in its history. As a result, it was able to address the price volatility issue, and critics took advantage to paint it as unsuitable for mainstream payment. There is also a general consensus that there is unlikely to be any change in the trend at least in the near-term except any major events driving it otherwise. According to Finder Cryptocurrency Predictions survey for November, bitcoin could experience steady growth despite ambiguity in the upcoming months.
Finder.com CEO, Jon Ostler, said that its panelists think external forces will drive the market in the upcoming month, especially in respect of bitcoin. It is obvious that some decisions are expected on Bitcoin Exchange Traded Fund (ETF), whether positive or negative. Ostler also believes that bitcoin could witness steady uptick over the year 2019 and sees the price reaching $16,732 before the year 2019 ends. In short, the price increase in bitcoin depends largely on the outcome of the SEC rather than the mass adoption, which is expected from other virtual assets.
