In 2017, many expert predicted that the cryptocurrency industry will achieve great things in 2018. Some predicted that prices will go higher than their all-time-highs by December 2018. Unfortunately, the bears took full control of the entire market throughout the year 2018. In fact, as the end of the year drew closer, things became worse. The bear market was nicknamed crypto winter and it is still on. Prices are yet to fully recover against the USD. This hasn’t stopped industry executives from making 2019 predictions. Travis Scher, the head of investment in Digital Currency Group had something to say about the cryptocurrency market in 2019.
Travis Scher Talks About Bitcoin’s 2019 Prediction
Travis Scher Talks About Bitcoin’s 2019 Prediction
During a sit down with Business Insider, Scher said that Bitcoin is going to get a boost from Wall Street investors this year. If the price of BTC should rise, the entire cryptocurrency market will follow. This will be the catalyst that will end the extended bear market. With more than three years experience in the cryptocurrency sector, Scher has been known to make yearly predictions about the industry. According to him, even if Wall Street whales have been hesitant to enter the market, things will change this year.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
Keep in mind that Scher isn’t the only one who believes that institutional investors will enter the market this year. Not too long ago, Jeff Berwick said that institutional investors will end the bear market and spark a cryptocurrency bull run this year. He noted that these investors haven’t entered the market yet because there aren’t enough platforms to support them. However, as soon as the necessary platforms are put in place, they will certainly flock in. This will lead to an explosion of cryptocurrency prices.
Cryptocurrency Industry Prepares To Accommodate Institutional Investors
Last year, Bakkt, a multi-faceted platform for digital assets that will entice institutional players, was scheduled to be launched by Intercontinental Exchange. This would have sparked a bull run. Unfortunately, the launch was shifted to the first quarter of 2019. This platform was created specifically to handle the needs of institutional investors. A while ago, the company acquired employees and assets from RCG in a bid to expand its management, risk compliance and many other departments. Recently, the Bakkt project received a $182.5 million investment round from 16 established investors. This shows that the project has huge prospects.
Apart from predicting that institutional players will enter the market this year, Scher also said that the blockchain industry will be promoted with the creation of non-fungible tokens and blockchain games. He said that he expects a lot of activity in this sector in 2019. According to him, venture capitalists have been ignoring the sector because of the hit-driven nature.
Not too long ago, as reported by smarttest.wpmudev.host, Kyle Samani, Multicoin Capital’s managing partner, said that many high profile blockchain-based products will be launched in 2019. This will attract customers from the retail and institutional sectors alike. As an example, he mentioned Tari, a Monero-based open-source venture that facilitates the management of non-fungible tokens and insurance. He is one of many industry experts who believe that blockchain-based products will change the game for the industry this year.
What do you think? Is 2019 going to be a bright year for the industry? Or will the cryptocurrency winter continue indefinitely? Feel free to express your thoughts.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
