Cryptocurrencies have had quite a run since their inception. But with time, many issues have surfaced up relating to this world including manipulation, lack of regulation, volatility etc.. While some people in the financial world believe cryptos will die out in the long run, some remain extremely positive. Crypto analyst Eric Thies belongs to the latter party.
Talking to BlockPublisher, Eric stated that:
I’m hysterically bullish on crypto as a whole.
Eric also seemed to be of the view that the crypto market as a whole is premature right now. A lot of developments need to be made before it goes mainstream. He also emphasized upon its importance by suggesting that there is a chance virtual reality could become our main reality in the future, so there will be a strong need for digital currencies to perform operations in the coming time.
Eric also suggested that as of now majority of the projects related to this world might fail owing to the problems that this nascent market possesses, but he still remained largely positive regarding the future outcomes of this market.
Majority of the projects may fail, but there is always gold somewhere in the gold rush. And for the meantime we have basically a second (and unregulated) OTC market.
As of yet, institutional and official acceptance of cryptos has been relatively on the lower side. But despite little acceptance, the crypto market as of now is still providing enough benefits in the financial market. As suggested by Eric, it is playing its role as an over-the-top market (OTC) market at present.
As suggested by many experts in the game, the future of digital currencies largely seems bright. As time passes by and technological innovations are made, people are going to look towards alternatives to fiat for their own convenience. The prospects offered by cryptos of transcending the borders and performing operations without the intervention of a third-party make them a pretty good candidate to replace fiat. The entire traditional global financial framework can be completely restructured if digital currencies are used properly. Using the blockchain technology, global marketplaces can be formed providing incentive for both consumers and merchants across the world.
Still, regarding the world of cryptos, there are a lot of issues that are attached to this nascent market, but in time, it is likely that this market will gain mainstream adoption owing to the limitless possibilities that it provides.