RATE Group | Commentary: Of course we shouldn’t be surprised by this year’s cryptocurrency price bust
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Commentary: Of course we shouldn’t be surprised by this year’s cryptocurrency price bust

12 Dec Commentary: Of course we shouldn’t be surprised by this year’s cryptocurrency price bust

Posted at 03:29h in Cryptocurrency News by

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CAMBRIDGE: With the price of Bitcoin down 80 per cent from its peak a year ago, and the larger cryptocurrency market in systemic collapse, has “peak crypto” already come and gone? 

Perhaps, but don’t expect to see true believers lining up to have their cryptocurrency tattoos removed just yet.

At a recent conference I attended, the overwhelming sentiment was that market capitalisation of cryptocurrencies is still set to explode over the next five years, rising to US$5-10 trillion. For those who watched the price of Bitcoin go from US$13 in December 2012 to roughly US$4,000 today, this year’s drop from US$20,000 is no reason to panic.

It is tempting to say, “Of course the price is collapsing.” Regulators are gradually waking up to the fact that they cannot countenance large expensive-to-trace transaction technologies that facilitate tax evasion and criminal activity. 

READ: The Big Read – cryptocurrency crash offers industry the…

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