Legendary Investor: Bitcoin (BTC) May Bottom In 2019, incoming bullish phase



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We are finding a fund for large, durable and liquid cryptographic assets (like Bitcoin)

Fred Wilson, one of the world's leading venture capitalist and co-founder of Union Square Ventures, who holds holdings in Twitter, Tumblr and Kickstarter, recently took part in his well-known blog to discuss the market outlook for 2019. After discussing macroeconomics, touching recent news with the US Federal Reserve, the China / America trade dispute and the stock market uprising, the crypto-friendly investor took the time to talk about Bitcoin (BTC) and other blockchain-based assets.

Echoing the comments of Joseph Lubin, a co-founder of Ethereum and founder of the ConsenSys blockchain development group, Wilson noted that we are close to a fund for this nascent asset class. In the blog post, titled "What will happen in 2019", he wrote that for many large, liquid and durable cryptocurrencies (like Bitcoin, Ethereum and other family names), a fund is unbearable.

Although this nascent market is going downward, Wilson has noticed that this process could occupy a large part of 2019, mainly because of the volatility to which this asset class is subject. The member of the main group of Union Square added that he does not wait for the current break, which saw the Bitcoin range trade in a small area, continue. In fact, the important financier has noticed that a certain number of "bullish runs, followed by sales pressures" will bless cryptocurrencies with their presence. The selling pressures, he explained, could lead BTC to retest its low from the start of the year to $ 3,150.

Wilson has not revealed if he expects cryptocurrencies to create new lows. Yet a number of experts, including Anthony Creek of Morgan Creek, have claimed that Bitcoin could be under $ 3,000 before a real fund is discovered. During a certain period of 2019, however, the venture capitalist noted that this industry will slowly turn into a "new bullish phase".

Promises fulfilled by 2017 will push Crypto higher in 2019

Speaking of what will crip the cryptocurrencies in the above bullish phase, the investor has drawn attention to the countless ambitious promises made in 2017, adding that those that will take place in the coming months will push this sector to new levels. As many consumers know, 2017 was characterized by projects that promised global domination (essentially), but subsequently failed to reach even a fraction of their initial goal in 2018.

Touching specific examples with which he has ties, Wilson exclaimed that he hopes the big name projects, like $ 200M + ICO Filecoin and Algorand, will start shipping. He added that he expects the "next-gen" smart platforms of the contract, like Cosmos, to challenge the hegemony that Ethereum has established on this sub-sector. Wilson noted that this competition will push Ethereum to send improvement protocols, such as Constantinople in the coming weeks, along with potential early Serenity iterations.

Along with a major increase for the so-called "blockchain 3.0" platforms and innovative projects established in 2017, Wilson explained that consumers will start adopting stablecoins, NFT / cryptographic assets for encryption and revenue / expense opportunities.

However, he explained that this sector is not entirely clear, as he explained that there could be misguided regulators acting as good faith projects, which in turn will damage this industry. In addition, Wilson noted that he expects hackers, scams and failed projects to continue to plague this sector, which will drive the lower cryptocurrencies. But on the whole, he noted that this is the case with any emerging technology, arguing that it is long-term bullish on cryptocurrencies.

Title Image Courtesy of Marco Verch Via Flickr
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