David Sapper, the chief operating officer at cryptocurrency exchange Blockbid, has recently made a bullish case for cryptocurrencies like bitcoin, arguing that hype around them has “barely even begun.”
Speaking to tabloid news outlet Express, Sapper revealed he expects “more mainstream adoption in the coming 18-24 months,” as the cryptocurrency ecosystem is still in its infancy. He was quoted as saying:
I believe that the hype has barely even begun. Only 1 percent of the global population owning any cryptocurrency and news of banks and financial institutions looking [to] incorporate blockchain technology and invest in cryptocurrencies.
The COO further noted that he believes cryptocurrency prices can easily be influenced by changes in the market. A recent change, he said, were reports revealing Facebook was lifting the ban on cryptocurrency-related ads, a move that Sapper claims returned “some confidence” to the market.
He added that one of the cryptocurrency ecosystem’s downfalls is the altcoin market’s dependence on the price of bitcoin, the flagship cryptocurrency. Per his words, this is one aspect that “needs to change for a healthy crypto market.”
Making a bullish case for cryptocurrencies, Sapper added that they’re still a young industry, which is set to benefit from the “correct legislation and regulation.” When it comes, he noted, “cryptocurrencies will become part of our daily lives.”
The technology behind cryptocurrencies, blockchain, is being harnessed by numerous sectors and I wouldn’t be surprised if some companies create their own cryptocurrencies for internal use. As the technology improves, there will be more interest in virtual currencies and we will certainly see a wider adoption of these in the future.
Per the Express, the analyst said that various investors are entering the cryptocurrency ecosystem to expand diversify their investment portfolios. If he is correct, bullish price predictions that see the flagship cryptocurrency hit $25,000 to $50,000 by the end of the year may be on point.
At press time, according to CryptoCompare data, bitcoin is trading at $6,730 after rising 2.28 percent in the last 24-hour period. While the cryptocurrency has been enduring a bearish trend for the past few months, it recently bounced back from little under $6,000.