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Could become investors' safe havens
Cryptocurrencies like Bitcoin and Ethereum will be seen as investors' 'safe havens' in 2019, claims an influential tech expert.
Ian McLeod of Thomas Crown, the world's leading tech-art agency I know, following growing concerns that the global economy is likely to experience a significant slowdown before the end of 2019.
Since the start of the year and suggest slower expansion over the next six to nine months.
Roughly two years ago has plateaued and become less balanced, according to the International Monetary Fund.
Mr McLeod said: "There are significant trade tensions, rising interest rates, political uncertainties, including Brexit, and complacent financial markets.
"The US, the world's largest economy, has a strong influence on Asian and European economies. As such, should the U.S. stock market plunge – as it has recently scrapped all of its 2018 gains during a major sell-off – global markets are vulnerable too. "
He continues: "Against this backdrop, we can expect cryptocurrencies to be seen as investors' 'safe havens' in 2019 and beyond.
"When the downside of the economy hits, digital assets" cryptocurrencies like "Bitcoin and Ethereum"
Mr McLeod said: "There are several keys reasons why the likes of Bitcoin and Ethereum will be safe havens. These include scarcity because there's a limited supply; permanence, they do not face any decay or deterioration that erode their value; and future demand certainty as mass adoption of cryptocurrencies and blockchain, the technology that underpins them, takes hold globally. 2019 as the world, especially business, and real-life as mainstream adoption is going to dramatically gain momentum.
"Ethereum's blockchain, for instance, is used in our art business. It has been created as a literal store of value; it becomes a cryptocurrency wallet.
"It also solves authenticity and provenance issues" – essential in the world of art. Ethical blocker with a unique 'smart' contract. "
The tech expert concludes: "We are some way off from the cryptocurrencies replacing the Swiss Franc, the Japanese Yen or the gold as the preferred safe haven assets.
"However, as the adoption of crypto picks up, there can be no doubt that cryptocurrencies will be firmly in the pantheon of safe haven assets within the next decade."
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