Cryptocurrency

Cryptocurrency market prices may increase tenfold by 2020

Just recently Bitcoin received a massive dip in the digital currency market where it lost a whopping $400 in 30 minutes. Many investors were shocked as the major crypto-currency experienced another major bump in its value. However, if the latest findings are any indication of the cryptocurrency’s future, then the investors might heave a sigh of relief.

The investment firm and hedge fund Pantera Capital’s co-CIO, Joey Krug believes that the cryptocurrency market could increase ten times over by 2020. Speaking in an interview with Bloomberg, he said that scalability improvements for Bitcoin (BTC) were essential to spark a shift in the deflated prices seen throughout this year.

The comments came days after new developments on the institutional trading side of Bitcoin markets, with Fidelity Investments revealing it was testing a regulated custody solution for investors and hedge funds. While reactions from finance figures such as Galaxy Digital’s Michael Novogratz were positive, the news failed to shift market sentiment or prices in Bitcoin.

Despite the recent dip in Bitcoin’s value, Krug thinks that the mainstream market is finally opening up to the acceptance of Bitcoin. In order to streamline cryptocurrency into the consumer market, an increase in transaction capacity is required. However, Krug believes that Bitcoin will never be able to reach or compete against the widely used payment services such as Visa or MasterCard. Developers are constantly working to expand the number of possible transactions that Bitcoin handle. Recently, the focus has been directed towards off-chain approaches i.e. outsourcing to a secondary chain such as Lightning Network.

Sponsored
Abdul Wahab

Leave a Comment
Share
Published by
Abdul Wahab

Recent Posts

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

20 mins ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

52 mins ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

56 mins ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

2 hours ago

Farrukh Sabzwari Appointed as CEO of PSX, Set to Serve for Three Years

Farrukh H. Sabzwari has been appointed Chief Executive Officer (CEO) of Pakistan Stock Exchange Company…

2 hours ago

250 Government Schools to Be Run by Private Sector

RAWALPINDI: The chairman of the Punjab Education Foundation, Malik Shoaib Awan, stated on Monday that…

4 hours ago