Where is the crypto market headed? This is a question which a lot of the experts aren’t able to answer. There are a lot of issues associated with the world of cryptos as of yet. Will it go mainstream replacing fiat or will this world die out as time move forwards? In order to get a bird’s eye view of the proceedings of the crypto world, BlockPublisher got in touch with a member of the team of a very well-established cryptocurrency, Verge (XVG). Manuel Cabras is a developer at Verge and an opinion from a person who actually helps build and maintain the crypto world holds a very special place.
Talking to BlockPublisher in a Twitter exchange, Manuel stated:
I think it’s a long road, we are trying to achieve mass adoption which is our objective besides privacy as a standard.
Public adoption of cryptos is not very high at the moment. The major issues in the form of volatility, manipulation, the prevalence of illegal activities, no regulation etc. make this market too ‘dirty’ for the people. Investors are also holding back from entering this market owing to these issues.
Manuel seemed to be of the view that they are first trying to increase the adoption of cryptos among people. A trust needs to be established in the community regarding this nascent market if cryptos are to go mainstream.
Right now, the people who are using cryptos are mainly using them to gain profit in fiat. In order to help the market of crypto mature and grow, an ecosystem needs to be established where people actually start using them as ‘currencies’, to perform real-life activities. But as of now, there aren’t many opportunities where people can actually use cryptos. So, projects that are floating around in the crypto space these days actually need to provide people with real-life use-cases, if this market is to flourish.
Further adding on to his statement, Manuel also stated:
What happens next, is a question I can’t answer.
Unpredictability. One thing that is predictable about the market of crypto is its unpredictability. Developments are being made in this world day in and day out. Crypto is yet to gain proper official acceptance from various governments from across the world. Who knows what happens next? Some experts are suggesting cryptos will gain mainstream adoption after a global economic crash, which might be just around the corner. It will be interesting to see how things turn out for the crypto world.