The price of Bitcoin (BTC) was hit hard in 2018 amid the extended bear market conditions, but many experts expect the market volatility to subside in the New Year, as institutional investors start to enter the market. Analysts, in general, agree that Bitcoin (BTC) is going to re-emerge on the back of solid momentum facilitated by institutional investors.
Bitcoin (BTC) Price Today – BTC / USD
JPMorgan: Bear Market Conditions Scared Off Institution
During the summer of 2018, the multi-billion-dollar startup stunned Wall Street after declaring that they have invested in digital currencies. As a result of the herd mentality of most of these institutions, analysts believe that the move will trigger a chain reaction among institutional investors, including pension funds. The long-awaited influx of institutional players, which many experts expected to begin from late 2018, was delayed by the unprecedented market conditions. This situation reportedly scared off investors according to Nikolaos Panigirtzoglou, an analyst with JP Morgan Chase.
As Wall Street remains poised for more market turbulence, analysts believe that cryptocurrencies could be buoyed due to the fact that they are not correlated to traditional stock markets which in turn makes them an excellent investment option even during volatile periods. Every Capital’s director Tom Surman believes that the institutional phase has been initiated and is running quietly.
Push to Make Crypto a Legitimate Means of Exchange is Underway
However, other observers in the space believe mainstream adoption hinges the issue of regulatory clarity to aid in the legitimization of the market. It appears that the move to promote targeted regulation of the industry has already started. The United States lawmakers back in December this month passed legislation designed to present price manipulation as well as setting the United States apart as a market leader.
According to Congressmen Ted Budd and Darren Soto widespread adoption of cryptocurrencies is essential. Both lawmakers are pushing the adoption of crypto after declaring that the US must not overlook its “potential” to improve the economy. Both men insist that the United States should be at the forefront of the technology.
In September 2018, one pro-crypto lobbying group came into existence after three big exchanges based in Washington, D.C., United States. This move by the US-based platforms signals that the digital asset industry is taking the necessary steps to advance the mainstream adoption of crypto assets by putting pressure on Congress.
French Lawmakers Pushing For Adoption of Blockchain Technology
We can recall from an earlier report across the pond to the European continent that French legislators have been aggressively pushing for Blockchain adoption. A number of these lawmakers have even suggested that the European Central Bank or Bank of France should issue their digital currencies. According to a recent member of the French Parliament Laure de La Raudière, now is the time that France has to quickly move to capitalize on the Blockchain technology and crypto assets before major international rivals the United States and China.
De La Raudière lamented that the French nation came late to the Internet revolution during the 1990s, and shouldn’t repeat the mistake of coming late to Blockchain technology by missing the boat once more.