The past few years proved to be quite important for the world’s leading cryptocurrency bitcoin. While 2017 saw a lot of volatility and a shocking bull run, 2018 was largely bearish with attention being given to issues like lack of regulation etc. So what do we expect moving into 2019?
2019 carries great significance as all the eyes in the crypto world are focused on the results of various developments that seem to be in the pipeline for bitcoin. These include a bitcoin exchange-traded fund (ETF), platforms like Bakkt, which will likely help increase the adoption of cryptocurrencies, and developments in the arena of regulation.
BlockPublisher recently got in touch with the founder of Korporatio, Stefano Covolan, as he expressed his opinions regarding how 2019 might turn out for the digital asset. He said:
2019 is probably the year where people in the space will be allow[ed] to work without noise from outside. Malta has passed the three law[s] around blockchain, Dubai is pushing for the blockchain 2020, Italy has created the task force around blockchain for the government. In general there is a lot that will happen this year at a legal and regulation level. Will this bring a new max in the market cap? I have no idea, personally I don’t think so. The space needs to create value at this point, having law in favour of the blockchain doesn’t mean much if people don’t know what to do with them. However, there are companies that are starting to deliver good working products, so maybe the market is getting ready to start growing again.
Regulations seem to carry much importance as they will likely help develop a layer of trust regarding cryptocurrencies. They will also likely help curb out the negative and illegal activities that are linked with bitcoin. But then again, the essence of decentralization is the elimination of a third-party. It will be interesting to see to what extent do regulations come into this space.
Regarding the technology that is lying underneath bitcoin, blockchain, advancements are being at a very rapid pace across the world. Use-cases of this technology are being seen in various sectors of everyday life. Various industries are trying to find out ways to incorporate this technology into their frameworks in order to make their workflows more efficient. As Stefano pointed out, various countries are already devising laws around this tech.
With blockchain getting more acceptance, it will be interesting to see how its use-case bitcoin evolves moving forward.