Some economic analysts predict an enormous change in crypto is forthcoming as institutional money enters the market. Moreover, there's the likelihood that crypto are going to be floated on the Nasdaq, which might further add credibility to blockchain and its uses as an alternate to standard currencies. Some predict that each one that crypto needs may be a verified exchange traded fund (ETF). An ETF would definitely make it easier for people to take a position in Bitcoin, but there still must be the demand to require to take a position in crypto, which could not automatically be generated with a fund. Outlook of Bitcoin The future outlook for bitcoin is that the subject of much debate. While the financial media is proliferated by so-called crypto-evangelists, Harvard University Professor of Economics and Public Policy Kenneth Rogoff suggests that the “overwhelming sentiment” among crypto advocates is that the entire “market capitalisation of cryptocurrencies could explode over subsequent five years, rising to $5-10 [trillion].”8 The historic volatility of the asset class is “no reason to panic,” he says. Still, he tempered his optimism which of the “crypto evangelist” view of Bitcoin as digital gold, calling it “nutty,” stating its long-term value is “more likely to be $100 than $100,000.”8 Rogoff argues that unlike physical gold, Bitcoin’s use is restricted to transactions, which makes it more susceptible to a bubble-like collapse. Additionally, the cryptocurrency’s energy-intensive verification process is “vastly less efficient” than systems that believe “a trusted central authority sort of a financial institution .” Increasing the Scrutiny Bitcoin’s main benefits of decentralization and transaction anonymity have also made it a popular currency for a number of illegal activities including concealment , drug peddling, smuggling and weapons procurement. This has attracted the eye of powerful regulatory and other government agencies like the Financial Crimes Enforcement Network (FinCEN), the SEC, and even the FBI and Department of Homeland Security (DHS). In March 2013, FinCEN issued rules that defined virtual currency exchanges and administrators as money service businesses, bringing them within the ambit of state regulation. In May that year, the DHS froze an account of Mt. Gox – the most important Bitcoin exchange – that was held at Wells Fargo, alleging that it broke anti-money laundering laws.10 11 And in August, New York’s Department of monetary Services issued subpoenas to 22 emerging payment companies, many of which handled Bitcoin, asking about their measures to stop concealment and ensure consumer protection. Some of the restrictions that cryptocurrencies presently face – like the very fact that one’s digital fortune are often erased by a computer crash, or that a virtual vault could also be ransacked by a hacker – could also be overcome in time through technological advances. what is going to be harder to surmount is that the basic paradox that bedevils cryptocurrencies – the more popular they become, the more regulation and government scrutiny they're likely to draw in , which erodes the elemental premise for his or her existence. While the amount of merchants who accept cryptocurrencies has steadily increased, they're still considerably within the minority. For cryptocurrencies to become more widely used, they need to first gain widespread acceptance among consumers. However, their relative complexity compared to standard currencies will likely deter most of the people , apart from the technologically adept. A cryptocurrency that aspires to become a part of the mainstream economic system may need to satisfy widely divergent criteria. it might got to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection; and preserve user anonymity without being a conduit for evasion , concealment and other nefarious activities. Since these are formidable criteria to satisfy, is it possible that the foremost popular cryptocurrency during a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that possibility looks remote, there's little doubt that because the leading cryptocurrency at the present , Bitcoin’s success (or lack thereof) in handling the challenges it faces may determine the fortunes of other cryptocurrencies within the years ahead.
The world of cryptocurrency isn't going to perish ever! If you are a crypto entrepreneur and would like to develop a Crypto exchange platform, then Pulsehyip the leading cryptocurrency exchange development company can help you to develop a White label Cryptocurrency exchange platform. We also provide Cryptocurrency wallet development services so that the exchange you develop will be build with an secured crypto wallet solutions. Fill the form below to reach out to us!!