- The CEO of PANTERA CAPITAL does not believe blockchains have the capacity to surpass Visa and MasterCard.
- Improving the levels of scalability in Bitcoin (BCT) is paramount for turnaround in the dwindling market prices.
According to the chief executive of a hedge fund firm, Pantera Capital, the entire cryptocurrency market is likely to grow tenfold by 2020. Joey Krug, was speaking to Bloomberg on Monday 16 where he reckoned that improving the levels of scalability in Bitcoin (BCT) is paramount for turnaround in the dwindling market prices. Krug stated:
“These are all markets, and so if you don’t have scalability, you don’t have market makers.”
In other recent news, institutional investment sector in the crypto market has continued to receive strong support from various strong players in the traditional financial industry. Goldman Sachs reaffirmed its intentions to open cryptocurrency services for its customers. At the same time, Fidelity Investments announced that it is currently testing the working of a custody services that is regulated specially directed at investors and hedge fund firms.
The entire market has taken a back sit from the news in the market ignoring the support and continuing in the consolidation phase. While commenting on cryptocurrency adoption in areas of traditional finance and the direct competition of MaterCard and Visa, Krug said:
“I don’t know if that will ever happen for Bitcoin, but I do think we’ll see blockchains as fast as Visa or MasterCard within the next couple of years.” He later added that the marked is likely to resume the bullish trend and increase tenfold by 2020.
Bitcoin price technical picture
In the wake of the surge earlier this week, Bitcoin price has corrected lower into a range. At the time of press, BTC/USD is consolidating above $6,400 with the upper limit at $6,500. Both the 50 and the 100 simple moving averages are limiting gains at $6,439. A break above this zone could open the way for a correction past $6,450 and eventually form a path towards $6,500 (upper range limit). The RSI is heading north, for now meaning that bulls have the upper hand and they can increase their entries pushing for a breakout. On the downside, a support is seen at $6,400 and the lower range limit at $6,360.