Cryptocurrency

Wilson: “This Bottoming Out Process Will End Sometime in 2019 and We Will Slowly Enter a New Bullish Phase “

Wilson This Bottoming Out Process Will end Sometime in 2019 and We Will Slowly Enter a New Bullish Phase

The co-founder, Fred Wilson, of investment firm Union Square Ventures revealed his thoughts on the global markets. It includes the cryptocurrency market, and he thinks we will see the button during 2019.

What will happen to cryptocurrencies during 2019?

Fred Wilson believes that 2019 will be the year when we see dislocation in the leadership of the USA. He also thinks we will enter a bear market in stocks, a weakening economy and global issues such as Brexit. However, Wilson does not believe that cryptocurrencies will be a safe haven during the uncertainty. What we will see though is cryptocurrencies coming back to life.  

We are in the process of finding a button on the large, liquid and lasting crypto-tokens. It will, according to Wilson, take the better part of 2019 to establish that button. He expects there to be some bullish runs followed by selling pressure taking us back to earlier lows. He adds:

“I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.”

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Other crypto experts have made predictions based on a wide range of catalysts.

What would turn the cryptocurrency bear market?

Travis Kling, an ex-equity portfolio manager, argues that developers have improved the infrastructure of cryptocurrencies and blockchain during 2018. Even though the market has fallen, the outlook is better than ever.

Another famous crypto profile is Tom Lee. He argues that a fair value for bitcoin is $150,000 when compared to usage from VISA and Paypal for example. Tim Draper, on the other hand, sees similarities between blockchain and the internet. In a few years, every company will have merged into the new technology.

Fred Wilson takes another angle. He sees the new bullish run start based of the promises made during 2017. Those promises will come to life. He says:

“I think the catalyst for the next bullish phase will come as the result of some of the many promises made in 2017 coming to fruition in 2019. Specifically, I think we will see some big name projects ship, like the Filecoin project from our portfolio company Protocol Labs, and the Algorand project from our portfolio company Algorand. I think we will see some “next-gen” smart contract platforms ship and challenge Ethereum for leadership in this super important area of the crypto sector. I also expect the Ethereum open source community to ship many important improvements to its system in 2019 and defend their lead in the smart contract space.”

Other areas where cryptos will see improvements and spur adoption is through stablecoins, NFT/crypto assets/cryptogams, and earn/spending opportunities, particularly in the developing world.

The venture capitalist also shares that there will be pressure on the cryptocurrency industry, in general. According to him, it will come from ‘misguided regulators’.

“The area I am most concerned about are actions brought by misguided regulators who will take aim at high-quality projects and harm them. And we will continue to see all sorts of failures, from scams, hacks, failed projects, and losing investments be a drag on the sector.”

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