13th February, 2020, Singapore – ‘Is the crypto winter over’ has been a common discussion topic amongst cryptocurrency traders overthe past couple of years, as the markets have remained generally bearish insentiment. The weekend’s BTC breach of USD10K, then the flash-crash to USD9.7K on Monday, with thesubsequent rally to five figures again, has had the entire crypto market on itstoes.
Reaching out to EthanNg, Southeast Asia CEO of BiKi.com, one of the fastest-growing cryptocurrency exchanges that is currentlyTop 20 on CoinMarketCap, Ng offers his insights.
“At highs, peopletalk about buying the dip,” says Ethan Ng. “At lows, people talk about whetherthe price will break or fall back.”
Indeed fear ofmissing out (FOMO) is a common market inclination. The key, Ethan Ng stresses,is to have a healthy overview of the market conditions on a macroeconomiclevel.
BTC: A More Attractive Investment with Mainstream Acceptance
“Amidst the lackof regulations in the past, BTC demand drove the market prices, to a pointwhere breaking the barrier became very difficult,” says Ng. “However,currently, with increased mainstream adoption and regulation, there are otherforces driving the price. As a consequence of that, demand is likely to soarfaster, affecting prices positively. Mainstream users may not be interested inblockchain, but they may follow the money.”
Touted by ardentsupporters like Max Keiser and others to potentially be the world’s reserve currency, Bitcoin has continually proven its resilience, the new public mainstream acceptance willpresent it to be an even more attractive investment option to hodlers andnew-to-crypto traders.
Projects and D’Apps Will Benefit
Speaking on the impact this would have for projects and D’Apps developing on other chains, Ethan Ng notes that their reserves, if they held a portion in cryptocurrency, would appreciate in fiat value. This means that instead of focusing on fund raising, these projects and D’Apps would then have the space and manpower to develop and innovate in technology, providing real value to the blockchain ecosystem.
Based on the Gartner Hype Cycle for blockchaintechnology, we have passed the stage of inflated expectations, reached thetrough of disillusionment and are now on the plateau of productivity. Whilethis implies that there would not be sharp peaks in BTC price, there wouldlikely be a corresponding cryptocurrency price plateau that is increasing.
“So the question isn’t when is the bull run,”suggests BiKi CEO Ethan Ng. ”We arealready at a turning point for the bull run, just not a sudden shift togreen in the market like the last time.”
Backed By Strong Fundamentals
While Ethan Ngdoes not discount influencers or experts who predict the BTC price will hit 6digits within the next couple of years, he advocates that under the presentcircumstances, “the BTC investment trendcould be changing and move from being a highly speculative investment to onethat is backed by strong technology, governmental regulations and political aswell as social acceptance, thereby lowering its volatility.”
As more governments get on the bandwagon with CBDCs, more users from developing countries will seevalue in cryptocurrencies, which is less unstable than their nationalcurrencies.
Jun Du, Founderof Node Capital and Co-CEO of BiKi.com, has a morebullish outlook.
“We should lookat this from two different perspectives,” says Jun Du. “The next BTC halvingcycle in 2020 should cause a sharp rise in price. I personally think that by the end of 2020, the price of bitcoin willreach USD50,000 and USD200,000 by 2025.”
“In addition,many countries, following China’s lead, have included blockchain technologyinto national science and technology plans, which will accelerate thedevelopment of blockchain, resulting in more applications of the technology,”he adds. “In the future, in 2025, blockchainwill completely change the fundamental infrastructures and technological layoutof the world and this applies to all aspects of people’s lives.”
About BiKi.com
Headquarteredin Singapore, BiKi.com is a global cryptocurrency exchange ranked Top20 on CoinMarketCap. BiKi.com provides a digital assets platform for tradingmore than 150 cryptocurrencies and 280 trading pairs. BiKi.com is focused onproviding the safest, most stable and most effective cryptocurrency tradingplatform. 100% of the transaction fees are used in buyback and burning ofplatform token, BIKI. Since its official opening in August 2018, BiKi.com isconsidered one of the fastest-growing cryptocurrency exchanges in the worldwith an accumulated 2 million registered users, 130,000 daily active users,over 2,000 community partners and 200,000 community members. BiKi.com hasreceived investments from Huobi co-founder Du Jun, Genesis Capital Zhu HuaiYang, FBG Capital, ChainUP and others totaling approximately 10 million USD.
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