Bitcoin to TAKE OVER: Expert says cryptocurrencies are a SOCIAL PHENOMENON
BITCOIN and other cryptocurrencies like Ripple and ethereum will become a “social phenomenon” in 2018, a cryptocurrency investor has claimed.
Expert: Cryptocurrencies will become a social phenomenon
Bitcoin and the cryptocurrency craze will grow into a “social phenomenon” in 2018, Jehan Chu, managing partner at Kenetic Capital said.
Speaking to Bloomberg, he said: “I think what we’re seeing in 2018 is really the year of bitcoin and cryptocurrency becoming a social phenomenon and that’s different.”
Asked what he meant, Chu said that cryptocurrency trading is already everywhere, and this onslaught of attention could develop the market further.
The investor said: “It means that I was in New York and I was in line at a bagel shop, I was in line at Whole Foods, I was eating noodles and everyone was eating and everybody was talking about trading cryptocurrency.”
Bitcoin, Ripple and other cryptocurrencies will take off in 2018, Chu said
What we’re seeing in 2018 is really the year of bitcoin and cryptocurrency becoming a social phenomenon
Chu warned that the mania surrounding bitcoin did not necessarily mean that digital currencies had any inherent value but that the attention the market has received could lead to lasting development in the field.
He said: “Trading does not mean it has inherent value but what it does mean is that it has a massive onslaught of attention.
“These attention economies could turn into actual development and add support and liquidity to these markets can develop into meaningful and lasting types of development for applications.
“At the end of the day that’s what it’s all about.
'There's competition' Ethereum creator expecting bitcoin battle
“Blockchain technology is about software that’s being built and cryptocurrency trading is just what we see on the surface.”
With bitcoin still the undisputed market leader it’s been a fierce battle for silver in the cryptocurrency world over recent weeks.
On Monday, ethereum slapped Ripple back down into second place after sitting pretty in second for roughly a week.
Bitcoin fell 4.32 percent to $14,324.13 at 14:30, in London, according to CoinDesk.