It is hard to predict the future of Bitcoin but according to cryptocurrency advocate Meltem Demirors investors need not worry, traction will come in time. She told CNBC on Monday, “New technologies that shift the paradigm take a long time to really understand.”
It is to be noted, expect for a brief rally in the month July, Bitcoin has mostly been on the download slide. In fact, the announcement of Intercontinental Exchange to create an open and regulated digital asset ecosystem did not affect the Bitcoin price much.
Despite that, the crypto bulls expect that traction and growth will come in time. “The narrative around bitcoin is still really hard to grasp,” Demirors said. “Really the only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.”
According to Demirors, investors shouldn’t focus too much on the price and consider the cryptocurrency in terms to an early internet stock like Amazon, Intel or Microsoft. She pointed that though those are successful now, it took them years to achieve the feat. “What we saw in crypto was this massive run-up, where everyone got ‘FOMO,’ or fear of missing out, as we like to say. What it caused is a speculative bubble,” she said.
Demirors said that it is not really clear as to when Bitcoin might regain its value or what it would look like then. However, according to her, “We are starting to see real traction. A lot of it is really dependent on finding those data points, those metrics that are going to drive that growth story.”
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