Daily Management Review

Analysts: Mass adoption of cryptocurrencies will be delayed for 12-18 months


Galaxy Digital CEO Mike Novogratz said the growing economic crisis will delay mass adoption of cryptocurrencies by 12-18 months.

Lack of cash led to the sale of those assets that most people under other conditions would prefer to keep for the long term, said Novogratz. Gold is also falling for the same reason.

But there is a bright side in the current situation. According to Novogratz, when the economy begins to recover, Bitcoin will move up at a very fast pace.

According to experts from the research division of the BitMEX crypto-derivative exchange, the impending global crisis amid the coronavirus “could be the biggest opportunity that Bitcoin has seen in its short life.”

In early March, an analyst at Byzantine General called the level of $ 7,700 the average cost of miners to mine one bitcoin. Earlier, CoinShares experts reported that after the fall of Bitcoin, a third of mining capacities are operating at a loss.

Meanwhile, Michael van der Poppe, an analyst at the Amsterdam Stock Exchange, believes that Bitcoin could fall again to the $ 3800 mark reached on March 13. A crypto trader and analyst Tone Vays does not exclude the fall of BTC to $2800 before the May halving.

Cryptoanalyst Willy Woo warns that it’s better to be careful about investing in bitcoins. He said that the current situation of the ecosystem is not familiar, therefore it is difficult to predict anything.

Managing partner of the Multicoin Capital fund Kyle Samani notes that BTC only miraculously escaped a collapse to zero on the BitMEX crypto-derivative exchange, showing the immaturity of the crypto market.

source: cointelegraph.com