As 2019 matches on, the state of Bitcoin and cryptocurrencies in the New Year is already the subject of discussions by industry regulators and experts. While many predict 2019 to be the year when Bitcoin will make a comeback, others say cryptocurrencies will continue to suffer the losses they have had since 2017 when the then cryptocurrency bubble burst.
In a report appearing on coindesk.com, it is predicted that Bitcoin and other cryptocurrencies are going to have a splendid year. The writer of the report exudes confidence that Bitcoin is going to regain its dominance of the market in 2019. But just how is that going to happen? We discuss "the state of Bitcoin and cryptocurrencies in 2019 - what the markets holds in store?" Here are some of the good and not-so-good things that will happen in the cryptocurrency market in 2019:
1. The First Nasdaq Bitcoin Futures Launch
According to a report appearing in The Express on December 3, 2018, Nasdaq plans the first Bitcoin futures launch in the first half of 2019. While Bitcoin futures have already been trading on the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) it is expected that the Nasdaq offering will be more resilient and transparent. That’s all thanks to the drive towards regulation of the cryptocurrency market with the view of making it more transparent. So far, the New York Stock Exchange has digital assets platform known as Bakkt. With Nasdaq coming into the picture, things can only get better.
2. Expected Bitcoin Price Spikes
Following the highs that defined 2017, pundits are predicting that Bitcoin could hit record highs in 2019. According to independent.co.uk, prices are expected to triple from the current $3,650 by the end of the year. As such, some of the pundits quoted by the independent say the new Bitcoin prices are expected to hit a high of $36,000. They base their argument on what they think is the undervaluing of Bitcoin in the current market.
3. Scammers Targeting Facebook Users
Over the years, scammers have targeted gullible investors on Twitter with giveaway ads. It seems the scammers are learning fast and have since moved on to Facebook, where they are placing sponsored ads aimed at enticing users into providing sensitive personal information. According to thenextweb.com, scammers are creating fake Facebook pages and luring cryptocurrency enthusiasts through bogus call-to-actions. Clicking on the call-to-action takes you to a third-party website where you are likely to be scammed. This is bound to escalate in 2019.
4. Diminished Cryptocurrency Uptake
It seems like it will not be all-rosy for Bitcoin and other cryptocurrencies, given the warning by the Bank of International Settlements (BIS) of diminished uptake of digital currencies. In a report appearing on forbes.com, both traders and investors are bound to lose money on Bitcoin and other privately-minted cryptocurrencies. BIS is a lender to central banks across the world. Most of these central banks view cryptocurrencies as nothing but a unique technology. To them, Bitcoin and other cryptocurrencies do not represent the future of money and thus their adoption will remain trivial or minor in 2019.
As you can see, pundits cannot agree on the simple question of how Bitcoin and other cryptocurrencies will perform in 2019. To find out “the state of Bitcoin and cryptocurrencies in 2019 - what the markets holds in store?” we can only wait and see what will happen.