December 17, 2018. With a major boom in cryptocurrency in the last stretch of 2017, cryptocurrency will have a hard time coming back this end of 2018. This is according to a technology research company Canalys. According to them “there is no coming back for cryptocurrencies”.
In a brief interview with reporters, Canalys’ President and CEO Mr. Steve Brazier shared that he also agrees with Mr. Nouriel Roubini’s sentiments about cryptocurrencies. He said that the recent bear market of bitcoin is a sign of its nearing end. With this in mind, he added that this will also affect the usage of blockchain since without the digital currency (cryptocurrencies), it is just your usual spreadsheet.
“There’s a lot of activity, a lot of investment around blockchain, that’s certainly true. It’s also true that the poster child of blockchain is cryptocurrencies, They will be heading to the value of zero.” – Mr. Steve Brazier, President and CEO, Canalys
The slowdown of the cryptocurrency market that started in June to July this year means that there is “no coming back” according to the Canalys CEO. The blockchain technology is an expensive tech and shady investors are joining in the bandwagon for their transactions. With crypto’s collapse, it will be tough to define what blockchain is. This made him believe that blockchain was all about “hype”.
“Since June, July this year, almost all their activities stopped. The cryptocurrencies have collapsed. We doubt they will recover. It was a hype. It was a bubble,” – Mr. Steve Brazier, President and CEO, Canalys
As to whether cryptocurrency will bounce back after the slow market it’s having before the end of 2018, one thing is for sure, it has already made its mark in the world.
In the Philippines, the Bangko Sentral ng Pilipinas (BSP) along with the Securities and Exchange Commission (SEC) are both trying to keep the technology regulated as more companies want to enter the country. The reason for this is the Philippines’ high mobile penetration, millennial median age, and a large number of unbanked population.
Along with the two regulators, the one located in the northern part of the country, Cagayan, is making its name all over the world as being the crypto valley of Asia. The Cagayan Economic Zone Authority, also known as CEZA, is giving licenses to foreign investors to operate their company in the Philippines. These companies, however, is not accessible to the Filipino people unless Philippine regulations are already set.
This article first appeared on BitPinas: Steve Brazier: Crypto to Have a Hard Time Getting Back