2018 was a year of significant volatility in the world of cryptocurrencies, with Bitcoin’s value plummeting from nearly $20,000 to its current value of $3,380. This high degree of fluctuation has left both blockchain experts and everyday investors speculating about what 2019 might hold for the crypto market and its regulation.
Phil Nunn, CEO of Wealth Chain Capital, highlighted 24th January 2019 as a critical date that could define the direction of digital currency for the next decade. He stated, “It’s BAKKT to the future in 2019. It’s not crypto hyperbole to posit that 24th January 2019 will be the critical calendar date that will define the direction of digital currency for the next decade. It’s make or break time.” He believes that the introduction of a regulatory framework on this date will legitimise the asset class and attract institutional investors, creating vast opportunities.
Clem Chambers, CEO of ADVFN and Online Blockchain plc, predicted that cryptocurrencies would reach their lowest points in early 2019, with Bitcoin possibly dropping to $2,500. However, he also foresees a subsequent hard rally, driven by new software using blockchains, which will bring a higher level of sophistication to the market.
Pavel Matveev, co-founder and CEO of Wirex, emphasised the importance of regulatory frameworks in stabilising cryptocurrency markets. He noted that Nasdaq’s plan to launch Bitcoin futures before July 2019 could significantly impact the market, provided it receives approval from the US Commodity Futures Trading Commission. Matveev also pointed out that recent events, such as minor bankruptcies and the Bitcoin Cash hard fork, revealed a lack of consensus among developers and exchanges, influencing market integrity.
James McDowall, founder of ‘Crypto Xpert’ and head of strategy at Sentinel.co, expressed skepticism about Bitcoin reaching a new all-time high in 2019. He expects the rise of tokenised securities and utility token-based projects with real utility to gain adoption. According to McDowall, the key to increasing the value of these tokens is scaling faster than the competition and retaining large user bases.
George Zarya, CEO of the crypto asset trading platform BeQuant, predicted that 2019 would be the year of bulls for the crypto market, although with continued high volatility. He expects the stabilisation of the Bitcoin Cash fork battle and the establishment of clear regulatory frameworks in key jurisdictions to drive institutional investment and increase asset prices.
Gaurav Rana, CTO of a blockchain-based banking start-up, forecasted a significant shift from centralised to decentralised exchanges in 2019. He anticipates that the technology will improve, offering better user interfaces and higher transaction throughput, leading to centralised exchanges adopting decentralised forms and providing better security for users.
Dr Michael Samy, co-founder of StoryGen, envisioned 2019 as the year when cryptocurrencies would integrate with the Internet of Things and automation. He highlighted innovations like cryptocurrency-enabled smart speakers and privacy-enhancing browsers that make micro-payments directly from users’ cryptocurrency wallets.
Vladislav Dramaliev, head of digital marketing at æternity, expects that 2019 will witness the first commercial applications of public blockchains, allowing the general public to experience their benefits. He also predicts that ASICs will dominate GPU mining tools and that Bitcoin will solidify its position as digital gold. Moreover, security tokens are anticipated to gain traction in the start-up ecosystem and among established companies looking to go public.
Angel Versetti, CEO of a blockchain-powered IoT network, believes that the influx of institutional money and top-level financiers into the crypto space will lead to a resurgence in cryptocurrencies in 2019. However, he warned that some crypto hedge funds might make irrational buying decisions due to a lack of understanding of underlying technologies. Versetti forecasts substantial growth in security tokens alongside a selective process for utility tokens.
2019 promises to be a transformative year for the cryptocurrency market, with significant developments expected in regulation, market stability, and the adoption of new technologies. As experts weigh in, their predictions indicate a mix of potential lows and impressive highs, driven by regulatory advancements, institutional investments, and technological integrations.