How Those Who Came To Crypto For The 2017 Price Surge Now Sit On The Sidelines
The dynamic price surge in late 2017 for Bitcoin and other corresponding cryptocurrencies saw a lot of influx of interest into the market. It was a general notion that mainstream adoption and takeover is imminent as marketers, investors and common public all went in for the hype as BTC recorded an all time high at $20,000.
Since then, the price sector has been much downhill and those who came with the influx have been somewhat wronged. They’ve either cashed out in whatever they got and have not looked back since, or are still waiting for another bewildering market movement. This has been a great deterrent to crypto mainstream adoption, along with other important factors. Talking to BlockPublisher, Co-Founder of Ethereum-based Sports Betting Protocol FansUnite, Darius Eghdami discussed the hesitancy that there has been seen in crypto involvement for all masses. He said:
In both the capital markets and the crypto markets, investors or contributors have, for the most part, seen a significant loss in value since early 2018. Those who believe in the utility of blockchain technology remain undeterred, but it is natural that speculators would be increasingly hesitant to again get involved in a blockchain focused capital market play or a digital asset. The rapid rise in cryptocurrency prices in late 2017 saw an influx of speculators, and those people now remain on the sidelines.
Such a scenario has made it one step harder for cryptocurrencies to get back to their prequel best, as the space now has to win those that have jumped ships along with others that don’t believe. For widespread adoption, the only narrative for the space now is to create such value that there is no alternative to it. Such utility is to cater to both parties, especially those that have no interest in the crypto structure. Eghdami also stated:
What cryptocurrencies need for widespread adoption, are a real utility. There has to be a reason for a potential user that is not crypto-savvy to choose to use a product utilizing a digital asset compared to a traditional alternative.
