Ryan Taylor, Dash Core Group CEO provides commentary to Cointelegraph about the performance of inflation-resistant top-tier digital assets. “I personally believe that we’re in the early stages of a bull run that’s actually moving along quite steadily”.
As whispers of Bitcoin’s (BTC) promised financial breakthrough failing to materialize over the last few months have continued to garner steam, the price of the premier crypto asset recently surged above the all-important $12,000 psychological threshold, only to once again slip right under.
However, as part of this development, the total cap of the crypto market reached an impressive $386.4 billion, a level only attained back in 2018. That being said, a multitude of factors, such as poor investor perception and lack of regulatory direction, seems to be preventing the market from flowering as previously envisioned by many experts.
In this regard, Samir Tabar, co-founder of decentralized P2P token trading network Airswap and ex-managing director for Bank of America in the APAC region, believes that while there is a long term structural upside for Bitcoin, there will be cyclical ups and downs like with any nascent asset class. However, the primary issue holding traditional capital market participants from entering this market is information asymmetry: “Certain players aka ‘whales’ control most of the market and have created massive market spikes or collapse. Market gyrations are ok, but massive information asymmetry is not.”
Expounding his views on the matter, Ariel Zetlin-Jones, associate professor of economics at Carnegie Mellon University’s Tepper School of Business, told Cointelegraph that a primary headwind against cryptocurrency demand continues to be the COVID-19 pandemic, especially as more people start to face the economic uncertainty. He further added that it’s only natural that during uncertain times, not many casual investors would be willing to invest their life savings in a highly volatile asset class such as Bitcoin.
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Author: SHIRAZ JAGATI
Original link: https://cointelegraph.com/news/bitcoin-and-economic-uncertainty-patience-is-the-name-of-the-game