Bitcoin is set for a bullish market, Ethereum is here to stay, traditional investment vehicles and cryptocurrencies will marry and Blockchain awareness shall grow globally, according to an expert.
The year 2016 saw an influx of Blockchain startups, with Ethereum showing a lot of promise before the DAO breach. As 2017 begins, Bitcoin has broken the $1000 mark and will achieve a new level of market capitalization.
Jason Cassidy, a Blockchain expert and president at CryptoConsultant.com, tells Cointelegraph his expectations within the crypto environment over the course of the year.
The end of the Bitcoin bear market
Since the climatic downfall of Mt.Gox back in late 2013, Bitcoin has been in a bear market, says Cassidy.
He explains:
“The bear has been in slumber for some time now and 2017 is the year that Bitcoin finally breaks free and enters into a new bull market. And while I do not anticipate spectacular gains in 2017, this year should set the floor for a monumental price run coming in the near future.”
Ethereum vs. Ethereum Classic, round 2
Cassidy notes that the fight between Ethereum and Ethereum Classic is far from over and will continue for some time. While refusing to reveal who he believes will win the battle, in the end, Cassidy expects to see some major news coming out of both camps this year, which will get global attention. “Ethereum, whether it be the original chain or a forked version, is here to stay,” he says.
Traditional investment vehicles + crypto = harmony
Another observation made by Cassidy is the estimation that the current financial system holds several quadrillion dollars worth of wealth, particularly in the unregulated sectors of the derivatives market.
He says that be it due to organic adoption or through a disaster in the current financial system, capital will be flowing into the cryptocurrencies and Blockchain assets:
“Consider how much money exists in the current system and how few traditional investment vehicles exists today as on-ramps for that money to enter into our industry? 2017 is the year that traditional financial vehicles meet Bitcoin.”
Cassidy also expects mutual funds, hedge funds and ETF's to all make big splashes. “Expect institutional players to use these on-ramps to gain exposure to these new markets,” he says.
Global Blockchain awareness
Cassidy says that there are too many good things happening in the Blockchain space to not permeate into the collective unconscious of society. Everything from identification to talent recruitment is being positively disrupted.
“Bitcoin is doing to money what I expect other Blockchain technologies will do for key areas of life outside of finance,” he concludes.