There is a common suggestion that the Bitcoin price is ultimately responsible for the fate of the cryptocurrency space. As price moves upward, there is seen an upturn in sentiments all around and there is renewed hope that general acceptance and regulation will now be looked after. In hindsight, it does not entirely work that way. BTC price is only an indicator to the concept of supply and demand and more often than not, only interests people who aren’t in the space as of yet.
Another theory is that the authorities might not be big fans of booming crypto markets, as it will put them under excessive pressure to formulate ways for its adoption. The very opinion was shared by prominent crypto market guru, Mati Greenspan. When asked by Block Publisher if a Bitcoin bull run could maneuver regulations and help the space, he responded as:
I’m not sure that the regulators are particularly impressed by rising prices.
Greenspan, Senior Market Analyst at eToro was of the view that cryptocurrencies are designed to act inadvertent to all forms of centralization and hence, it will function best independent of regulations. He stated that the real beneficiaries would be those that take the best advantage possible of such characteristics that Bitcoin and other digital assets bring, while there will always be opposition ready to stop it in its tracks. Greenspan continued:
Bitcoin was created to act independently of governments and banks. Certainly, the forward thinkers will realize the benefits and be quick to embrace this new technology, but there will be some who will try to fight it.
In a recent interview with Block Publisher, CEO of Vellum Capital LLC, Eric Kovalak also suggested that the crypto space needed added value more than statistics and numbers. Such suggestion by experts and the fact that the bull period from 2017 and early 2018 did not produce much breakthrough tells that adoption cannot be aided by market numbers. It has to come through a process and it cannot be denied that we’re well underway with it.