Specialists believe that Bitcoin and good ecosystem projects will survive the crypto winter and grow, but many won't make it. Some fiat money will also die.
Photo by Sharon McCutcheon on Unsplash
In Short
Bitcoin adoption is in the first phase, like the internet in 1997, says the specialist.
As the crypto winter passes, he believes the cryptocurrency will grow along with good projects.
"With the current market conditions, everyone is seeing the (price) drop." These were the words of Charles Gonzalez, business developer of Komodo Platform, at the Blockchain Summit Latam conference about his look at the crypto market.
Gonzalez added that in this scenario, most of the projects that have "nothing of substance" are going to die. Likewise, he highlights the circumstances for suitable products to survive and grow. "The best of crypto has come out in times like these," he alleges about the top projects out there today.
Considering that, he summarizes that people see from the outside that cryptocurrency prices are simply going down. But he highlights that what he sees as a developer is growth, and he believes that should be the focus in this context. Adding to this thought, Roberto Cerrud, Blockchain Solutions Architect at Vortecs Latam, added:
"I feel I am in the trench, and the media is talking about something that has nothing to do with what is happening in the trench."
Cerrud believes that there is more and more development and feels like they are getting on the bandwagon and have not even turned it on. "This is just getting started," he expressed enthusiastically, adding, "adoption is what's ahead."
Specialists estimate that the crypto market has growth potential, even if some projects die (source: BSL) This optimism is the prevailing thought among bitcoin enthusiasts and the cryptocurrency ecosystem that attended the Blockchain Summit Latam. Adopting these assets will grow from their perspective, so they consider that there is still a lot to build and a great opportunity.
Specialists Bitcoin growth
Alejandro Beltran, Budapuntocom's manager in Colombia, added about the current crypto winter that people should reflect on what type of asset they want to invest. He recognizes that not everything has growth potential within the crypto world, and he adds that several cryptocurrencies will be "debugged" in this bear market.
From his perspective, he thinks that bitcoin (BTC), the leading cryptocurrency in the market, was like the internet in 1997. By comparison, he points out that its adoption growth potential is enormous. Cerrud even argues that it could be even greater.
In summary, Alejandra Pacheco, the leader of accelerators and ecosystems of Blockchain Academy Chile, added that we are in the first phase of adopting cryptocurrencies. In this sense, she believes the community must consider risk, price volatility, and user experience in existing projects and those to come.
"If you want this adoption to achieve these goals truly, you have to start by educating and making these services as simple as possible," concluded Pachecho, who led this Blockchain Summit Latam conference panel called "a look at the role of cryptocurrencies into the future."
Tim Draper: People will abandon the dollar
Despite comparing the current Bitcoin crisis to the 1929 New York Stock Exchange catastrophe, investor Tim Draper remains bullish about BTC's future. As a highlight, he points out that the day will come when people abandon the dollar, considered today as the world's reserve currency.
"Today, we are in the equivalent of the 1929 crash, but we have better technology in bitcoin, so I'm a big believer. I've continued to buy bitcoins over the years, and I feel there will be some run on the dollar at some point." Tim Draper
"There have certainly been runs on the [Argentine] peso and the Nigerian naira, but there will be runs on the dollar where people will flee the dollar and go to bitcoin," notes investor Tim Draper.
Tim Draper at Web Summit 2018 (Source: Wikimedia Commons) Draper says people should view Bitcoin as a kind of bet on the future when asked about the emotional effects of these significant corrections.
"There will come a day when people don't want their fiat currencies anymore, and at that point, you'll think, I'm glad I have some bitcoins."
History backs his arguments - after all, more than 500 fiat currencies have since died out, many due to hyperinflation. Authorities forced people to accept government money, controlled by their central banks and enforced as legal tender to the population.
It is already happening
After their conversation, Draper says that when he bought his house, the sellers asked for payment in Bitcoin. Continuing, note that this was not the only time.
"When I was donating money [to Stanford University], they knew who I was, and they wanted to receive it in Bitcoin. They didn't want dollars. [...] I said, no, I'm not donating my bitcoins."
The first portion of his interview with the London Real channel is available here.
