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Bitcoin prices may be falling, but there is still a lot of optimism in the air. One of those who share the positive atmosphere is Kendrick Nguyen, the CEO and founder of the Republic crowdfunding platform.
Kendrick Nguyen talked to The Korea Times about the recent price drop and what he thinks of the future of the crypto industry. He has been optimistic about the whole industry and believes that the market is going through a "correction period".
The price of the bitcoin has plunged to new depths below $ 3400 per currency in November 26, losing more than 30 percent in the process. That was the worst month in 68 months for the largest cryptocurrency in the world by market capitalization. Even other digital currencies such as XRP, Bitcoin Cash and Ether have suffered the same fate.
Negative feelings
Tom Lee, a co-founder of Fundstrat Global Advisors, told CNBC that the application of the Securities and Exchange Commission to several ICO projects in November is part of the dive price cause. The SEC announced its first civil sanctions against the founders of cryptocurrency last month. This is part of a large regulatory crackdown against real frauds in the industry.
Reports also say that the possible manipulation of the market has accumulated on negative sentiment. Bloomberg News reported that the US Department of Justice is examining whether traders used another cryptocurrency called tether to raise bitcoin prices during its rally last year.
Kendrick Nguyen believes that regulators still play a role in the cryptography sector, although in some countries they may be difficult for companies. However, in countries such as Switzerland and Singapore, regulators are open to cryptocurrency projects and their initial coin offerings (ICOs).
"As far as a financial regulator is concerned, it always needs to find a weak spot between investor protection and business promotion, and if the financial regulator attaches greater importance to investor rights, it may discourage the 39; entrepreneurship of businesses.
Continue, if you put a laissez-faire approach, some companies might try to trick investors into protecting profits. It is a difficult job, however, the financial regulator will end up taking a position between the two parties.
Positive feelings
Trying to explain the circumstances around diving prices, Nguyen told The Korea Times that the recent development of cryptocurrencies was very disappointing. I believe, however, that it was in a transitional period in which investment capital flows were replacing the flows of speculative capital.
The inflows were still limited, so we saw the bearish trend due to weak investor confidence in November. However, virtual currency prices rebound at any time as people see a tangible case of cryptocurrency practically used in our daily lives.
Many companies have started to create several cases of use from the beginning of the year. For example, BitPay was able to form a partnership with the state of Ohio to accept bitcoins for 23 different corporate taxes ranging from sales tax to end-of-life taxes on oil and gas.
The BitPay COO, Sonny Singh, speaking during an interview with Bloomberg TV, said he believed that the cryptography market would probably have turned a corner in the first two quarters of 2019. He says there are several big companies like Fidelity and Intercontinental Exchange (ICE) coming soon. However, their price could go up to $ 15,000 or even $ 20,000 by the end of 2019.
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Summary
Item name
Cryptocurrency Industry that buzzes with optimism despite falling prices
Description
Kendrick Nguyen, CEO and founder of the crowdfunding platform Republic, believes that the cryptocurrency market is in a period of correction. Many other leaders of the crypto-industry are optimistic about the price of next year.
Author
Feranmi Akeredolu
Publisher name
Coinpedia
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