Member board of directors at 9Spokes and Blockchain Industry Compliance and Regulation Association (BICRA), Thomas Power believes that BTC will succumb down to the $3000 mark which will serve as a major setback to cryptocurrencies. However, he also suggets that it will make a strong come back after hitting rock bottom, which will be after 2020.
When asked by BlockPublisher if he saw BTC’s predicted plunge as a permanent setback, he made a rather bullish prediction and a change in fortunes for the world’s biggest cryptocurrency after the crash, also suggesting that it will come back strong. However, he admitted that the plunge to $3000 would be considered a major setback. He said:
…a major setback to BTC $3000 (cost base) and yes a major comeback post crash 2020.
This is not the first time that Thomas, among other crypto analysts of prominence, has seemed rather uncertain about Bitcoin’s immediate future, especially if it will take over the world finance. On September 11, Tron Foundation’s CEO Justin Sun made a bullish remark that cryptos will grow much bigger in the future and will become the world’s first trillion dollar market. On Sun’s remarks, Power made a rather diplomatic remark but seemed to consider it unlikely. He said:
Possibly…most futurists I know are poor. Very unlikely but of course is possible.
As of now, the crypto market’s future seems to be largely dependent on a variety of factors. Establishment of platforms like Bakkt, which aims to become a global ecosystem for selling, buying, storing and spending cryptos, and frameworks like crypto-linked exchange-traded funds (ETF) will drive the market towards more and more acceptance in the general public, ultimately leading towards more stability.
As of now, there are a lot of issues that are hurting the reputation of the cryptocurrency market. Immense volatility, large-scale manipulation by big whales, and lack of proper regulatory framework make it difficult for the market to get more adoption publicly. The prevalence of illegal and manipulative practices in the crypto space destroy the public reputation of this nascent market. If it is to survive and get more adoption globally, it needs to solve these issues as soon as possible. Once these issues are solved and official acceptance is gained by this market in the form of crypto-linked exchange-traded funds, Thomas Power’s prediction of a major comeback might even prove to be true.