Bitcoin, Ethereum, Ripple, and Litecoin among other cryptocurrencies have been on quite a wild rollercoaster in the past couple of weeks. New highs have been followed by a massive selloff in the industry that has led to a series on new lows. The rollercoaster that cryptocurrency has been on has helped to cement the fact that cryptocurrency is still an incredibly volatile asset that should be taken seriously. The market has been controlled by a large amount of speculation, that has helped those who play the game win the most, leaving the rest of those in the industry at a loss.
Many investors have been pondering the question of where cryptocurrency will be in the next decade or two. “Unfortunately, almost anything connected with the future of bitcoin is speculative right now,” says Jason Labrum, founder and president of Labrum Wealth Management. “When you look at the sophistication level of the average person buying bitcoin, it’s scary. They just see an asset that at times has gone up a whole lot in value, so you get a herd mentality of people wanting to jump on the bandwagon.”
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He further stated that “It will be interesting in 20 years to look back on the conversations we are having today about bitcoin. By then, cryptocurrency could be a normal part of everyone’s life, or it could be a once-trendy thing that everyone has forgotten about.” Given that the industry is still relatively in its infant stages, it will be interesting to see where it goes in the coming years. The hopes are that the high amount of speculation will slow down, leaving the market to stabilize slightly. This will hopefully allow for cryptocurrency to reach its full potential becoming the new wave of digital payment for the future.