Just recently on December 14, 2018, Jeremy Allaire the CEO and co-founder of Circle, mentioned in a CNBC interview that he is confident that cryptocurrency valuations will increase over time despite the bearish market. While there are many people who are currently defending the market, Jeremy Allaire presented a very strong and solid argument as to why Bitcoin will be worth a lot more in the future than it is today.
The biggest value Bitcoin has to offer is that it can hold stored value. However, more coins similar to Bitcoin can emerge, but it can only have value if the market consents to its value. Jeremy Allaire believes that Bitcoin will remain a store of value as it currently holds the most trust by the market. Furthermore, by being the only solution to the world that can cater to anyone with internet, it gives cryptocurrencies a natural advantage over all over existing financial solutions.
Despite these factors, there are, however, certain things holding the market behind which is influencing and affecting the prices of these tokens.
Firstly, there are a lot of people who want to profit via trades and are not interested in investing in the long-term value of different cryptocurrencies. Unfortunately, this leads to people trading by looking at chart predictions rather than the technological, social and economic value that cryptocurrencies are providing.
Secondly, when it comes to regulations, Cryptocurrencies are difficult to regulate because their use, function, and value, range from being a digital security token to commodity tokens, to a value of storage, and even on-platform solutions, and much more.
Thus it is difficult to regulate cryptocurrencies under the one roof. So the best step to regulate cryptocurrencies is to first better categorize and define them. Once there are clearer categories and definitions, regulators may be able to enforce more specific and accurate regulations that are appropriate for the use of the said cryptocurrency or asset
What do you guys think?
Do you think traders looking to reap a profit is causing the strong fluctuations in the market?
And do you cryptocurrencies should be broken down further in more specific categories before they are regulated?
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