Luis Buenaventura, the Head of GCash’s cryptocurrency arm GCrypto, referred to the anticipated 2024 bull run as the “mother of all bull runs” in an interview with news platform ANC, where he discussed recent developments in the crypto industry.
Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions. BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
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“Unlike a lot of traditional finance, crypto is a four-year cycle kind of industry where you have these peaks and valleys that are kind of in these four-year chunks. So I’ve seen three of them now 2014-2017-2021. This one will be my fourth and each one hits a new peak and then a drawdown after that,” he explained.
Buenaventura also highlighted the unique dynamics of the cryptocurrency market, noting that each new peak surpasses the previous one, compensating for temporary downturns. They drew attention to the unconventional timeframe in crypto compared to traditional stocks and investments, requiring individuals to adjust their mindset.
Accordingly, in his forecast for 2024, Buenaventura expressed optimism about the cryptocurrency market, predicting that it would experience a significant bull run, particularly with the emergence of real-world assets and the potential inclusion of a $100 trillion equities market in the crypto space.
Additionally, the GCrypto head highlighted the rise of new blockchain projects competing against established ones like Ethereum, mentioning projects like Aptos and Sui.
He also expressed excitement about the growth of web3 gaming, emphasizing its impact on the Philippines and the positive stories emerging from the industry.
“It was always a big deal here in the Philippines. A lot of Filipinos first started using cryptocurrencies as a result of games because of Axie Infinity in 2021. I, of course, am eternally optimistic but I find that, you know, after having learned some hard lessons, the industry tends to come away from it a little bit more stable, a little bit more resilient. So that’s kind of what I’m banking on here,” he stated.
Moreover, while refraining from making specific forecasts, Buenaventura hints at the possibility of Bitcoin entering the exchange-traded funds (ETF) market, making it accessible to a broader range of investors. Overall, he remained optimistic about the industry’s stability and resilience despite past challenges.
Need for Education
Despite the fact that cryptocurrency has been around for many years, Buenaventura emphasized that there is still a need for Filipinos to view cryptocurrency as a long-term savings alternative rather than a get-rich-quick scheme.
He identified education as the crucial factor in shifting this mindset, stressing the importance of understanding that crypto investment is more of a gradual process than a rapid wealth accumulation.
Moreover, Buenaventura also discussed the challenges of promoting education due to the limited financial return for those providing it, suggesting that large companies, like GCash and GCrypto, with the necessary resources, should lead educational initiatives.
Buenaventura’s Prediction During BitPinas Webcast
During the last BitPinas webcast of 2023, Buenaventura, along with Henry Banayat, the Director of Business Development at Bitshares Labs, and Trexia Olaya, a freelance project manager and community leader at Tambay NFT (non-fungible token), shared his projections for the local web3 space in 2024.
According to him, he anticipates a five to ten times growth in the entire crypto market, reaching a potential $10 trillion market cap, aligning it closely with the global market cap of gold. He emphasizes the need for continued education about crypto to dispel misconceptions.
Buenaventura also predicts a shift in the NFT space towards experiences and memberships, and he suggests that the term NFT may evolve to become more specific, akin to the shift from ICO to IEO and IDO.
Additionally, Buenaventura foresees a return to the financial instrument side in the broader crypto industry, with advancements in DeFi, tokenization of treasuries, and innovations in money markets.
This article is published on BitPinas: Will 2023 Be The Mother of All Bull Runs? Crypto Expert Suggests So
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.