When it comes to detractors, it’s reasonable to say that cryptocurrency has earned its fair share. With investors no less lauded than Charlie Munger—of Berkshire Hathaway fame—coming forward to say that he believes cryptocurrency is inherently evil, Bitcoin and all of the other altcoins have indeed weathered a storm of media controversies over their short decade in existence. And for those who are bearish on crypto, the developments over the past few weeks would only enhance their position. Ethereum, listed on Coinbase and once considered one of the most reliable altcoins, has seen its prices drop dramatically. What’s even more worrying is that Ethereum is often used to power other blockchain projects.
But for now at least, a whopping majority of experts in finance seem to believe that Bitcoin isn’t going anywhere. Although the prices may fluctuate a lot more than Wall Street traders may be accustomed to, the blockchain genie is officially out of the bottle. Since over 140 of the biggest firms in the industry were polled and participated in this survey, it seems obvious that the consensus is fairly widespread. However, many of the participants believe that there are a number of hurdles to overcome before cryptocurrency is a widely accepted method of payment. In other words, it may be a long time before we see houses and vehicles purchased with crypto. These finance experts were clear about one detail; if crypto is going to brought into mainstream institutions, then it will need to be regulated in a way that it is not currently.
Out of all the experts polled, only one in 10 believed that cryptocurrency would continue to operate in the shadows and not undergo mass adoption. Another 10% felt that crypto would become a casualty of oversight itself, no longer able to operate due to strict enforcement of very serious rules. It’s interesting to note that only two percent of the people polled did not have an opinion on this topic. Since the subject is somewhat polarizing, it would appear that people are definitely taking sides in this new frontier. Although the steep nosedive from December of 2017 might worry someone in another industry, traders have seen high highs and low lows in the past. They understand that nothing is permanent when it comes to the market—and when that market happens to be crypto, then all bets are truly off.
