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Investor attitudes changing towards cryptocurrencies
A seismic shift is taking place throughout the cryptocurrency sector, following the daily gain of $10 billion on Tuesday in the cryptocurrency market.
All major currencies, including Bitcoin, Ethereum, Ripple and Litecoin have been revived in recent days, with the largest and most influential crypto, Bitcoin, advancing some 6 per cent yesterday morning (Tuesday).
Indeed, as I was quoted as saying in The Daily Express, International Investment and FX Empire, amongst other media, investor sentiment looks to have changed significantly in the first quarter of 2018. Towards the end of last year, crypto values soared too high too quickly, which was, of course, unsustainable. At the time I advised caution, as an asset that goes almost vertically up should typically raise alarm bells for investors.
Questionably, perhaps even before the wild peak in December, when the price of one Bitcoin surged to a record high of over $19,000, the market was starting to become overheated.
However, following that, in this first quarter, there has been a serious price correction of most major digital currencies.
It has precisely been this correction that has been responsible for such a progression in investor attitude. To my mind, the majority of investors don’t see digital currencies as a means of making quick money, as they may previously have done. Instead, they are now investing in Bitcoin, Ethereum, Ripple, Dash and Litecoin, amongst others, as they view the core value over the long-term.
In our experience, investors are now looking to crypto mainly because they realise and understand the value and need for cryptocurrencies in an increasingly digital age.
Furthermore, public awareness has soared in regard to blockchain, the technology that underpins the likes of Bitcoin, is the world’s next major disruptive technology.
There is also a growing sense, particularly since the recent G20 summit in Argentina, that cryptocurrency regulation is now inevitable – and this, together with the increasing acceptance in the business and finance community, is providing investors with more confidence over the long-term.
That said, digital coins are a long way away from their all-time highs, but investors are still attracted to the cryptocurrency sector. This highlights the fact that they are becoming ever more mainstream assets.