Recently, team BlockPublisher got in touch with the crypto enthusiast, analyst and the board member of 9 spokes, Thomas Power who explained his views about the market while also giving the idea of formation of crypto fiat blended solutions.
Thomas seemed to be pretty bearish with his predictions relating to the market. Bitcoin, which was floating over the $6,500 mark a few days ago has plunged down to touch $6,200 while other currencies are following the plunge. XRP and BCH, who were the hot favorites of the market a few days back have also been dragged down by the market volatility. The volumes and valuation drops suggest that there have been huge sell off events which effected the crypto market deeply.
Not only have the aforementioned currencies dropped, but stable coins like Teather (USDT), which was initially tied to the price of the US dollar, has also faced the consequences and is being traded at $0.988 as of press time. Thomas predicted the market fall a few days before the market valuation fell from $217 billion. In fact, he has been a bear who thinks that the crypto market would plunge 50% across the board, leaving the valuation of BTC, ETH and XRP at $3,000, $100, and $0.25. Talking to BlockPublisher, he recently said,
I’m a bear for everything. Expecting 50% fall across the board and shorting all of it.
He has also been bold with his words regarding the global market crash. According to him, the global market would crash from 2020 to 2022 with property, equities, stocks and crypto all plunging to half their valuations.
For crypto specifically, he stated that the weak brand image is one of the issues which is stopping mass adoption, which might be fixed once the ETF is approved. SEC would give BTC a better brand image once it has plunged to $3,000 in 2019 according to Thomas.
One of the other factors he counted in as a problem of crypto was that crypto masterminds didn’t engage the old money, “thus they will pay.” The key to a better stable currency is the formation of crypto blended with fiat. According to Thomas, “old money invests in new ideas.” Further explaining his idea, he told BlockPublisher,
Crypto is dying because of hackers, thieves and lack of confidence from old money.