Attention! 4 Experts Spoke to CNN: What’s Next for Bitcoin?
While Bitcoin (BTC) is trying to find life again, 5 leading experts made striking statements to CNN about the future of the market.
‘There is Still Hope’: It Could Have Been Worse!
The FTX crisis and macroeconomic conditions have led to the fact that Bitcoin and other crypto currencies have fallen by more than 60% this year. The domino effect in the sector continues. The shares of Coinbase, Square-Owner Block (SQ), mining companies Hive (HVBTF) and Riot (RIOT), crypto bank Silvergate (SI) and Bitcoin enthusiast Michael Saylor’s company MicroStrategy (MSTR) fell last month.
Of course, this is not the first crypto winter. major collapses also occurred in 2018, in early 2020 and in the summer of 2021. So, will the cryptocurrency market be able to recover in 2023?.
Experts answered this question to CNN. Which is a crypto investment company 21.co ‘s CEO Hany Rashwan said that he believes that a more scientific and qualified structure and system should be put in place as an industry. According to the expert, there are many elements that spoil the image of the sector. Rashwan said he was surprised that the collapse after the FTX crisis was not worse.
As bad as the recent sales have been, Bitcoin fell by more than 15% in November and is still hovering around $17,000. This level is about three times the point at which Bitcoin was in the first days of 2020, when the pandemic began. According to the expert, it is surprising that BTC has risen to $ 17,000 again. That tells us something. This is an indication that people are still holding their Bitcoins and are optimistic about the long term. We have had trust issues, but there is still hope.
In the Process Ahead..!
John Avery, strategy and product leader for crypto, Web3 and capital markets at FIS, points out that the blockchain technology behind Bitcoin and cryptocurrencies remains intact. According to the manager, we will see some difficulties in the foreseeable future. But we expect a recovery eventually. When the market comes to its senses again, institutional investment will increase again and will be the catalyst. Avery also said that he expects to see more regulatory clarity for cryptocurrencies in 2023. This will ultimately be a good development. Regulation is always needed to balance innovation and investor protection.
Fadi Massih, vice president of the financial institutions group at Moody’s Investors, stated that due to the FTX crisis, there will ultimately be more regulatory oversight and scrutiny for the crypto market. According to the expert, Bitcoin still remains more volatile than stocks and bonds. This prevents BTC from being a valid store of value.
Therefore, the Fed and the stock market need to be monitored well in the coming period. Michael Reynolds, vice president of investment strategy at investment firm Jason Pride and Glenmede, said in a report that the resulting volatility in the stock market due to macroeconomic uncertainty still poses a risk. This situation proved that Bitcoin is not a good hedge. As a result, both the FTX crisis and macroeconomic conditions will continue to determine this process.