Cryptos have awaited ETFs for quite a while now but the recent bear market has taken the remaining odds out of the equation. The legal personalities have weighed in over the matter as Jake Chevrinsky of Kobre Kim LLP, expresses his concern about the crypto market which has been unable to target the milestones as of yet. Though the milestones have been majorly hindered because of the bear market, these not inching completion could have been a factor leading to the record-breaking bear market. Irrespective of what agents were at play to wreak such an immense havoc for the cryptos, Chervrinsky ponders over the targets which as of February, 2019 have not been met by any of the crypto projects. He suggests that cryptos are still haunted by the likes of unregistered securities on unregulated exchanges, no signs of an ETF being approved by the monetary authorities and a couple of scam situations to surprise us on a daily basis. BlockPublisher was able to garner some comments from the very man over the discourse as he pointed out the missed opportunities that crpytos had a chance at.
The cryptos have a long way to go to reach the real prime time. We have reached February 2019 but the crypto market is still polluted with unregistered security protocols and unregulated exchanges, a considerable number of scams and hacking attempts and last of all, no ETFs.
Jake suggests that there is much to develop and recover from in order to get on to the road to ultimate prosperity as the recent jump scares for the crypto market have not been gentle at all. Chevrinsky states that the cryptos need to move a step towards reforms which will initiate mass adoption luring in major risk-free companies and projects.
I do think broader adoption is a legitimate goal. Bitcoiners want more people to use bitcoin, right? That’s all I meant by “prime time.” I just think it’ll take a while longer before risk-averse individuals & companies feel comfortable getting involved.
Though we might eventually see the cryptos topple down the fiats, but the deal is to burst on to the scene as a stable currency and with much value to add to the current system.