Stelian Balta, Founder and Managing Partner of HyperChain Capital, thinks so.
“If we look at Bitcoin or Ethereum from a technology perspective, the bad news is not entirely relevant. Miners will continue to mine and developers will continue to create great code and projects. Digital assets are a global phenomenon and the ecosystem is in its early days.”
After falling for most of the week like a stone, Bitcoin, the “people’s currency,” made a sharp turn upwards on Friday and early Saturday morning, gaining close to 12 percent within 24 hours.
Other cryptocurrencies followed suit. Ethereum also gained close to 12 percent, while Litecoin fared even better gaining close to 19 percent.
Balta further argues that cryptocurrencies can survive and thrive without China. “I am very optimistic regarding the global digital assets market,” he says.“Digital assets can be considered commodities trading on supply and demand. There is fixed supply and increasing demand. China is an important market and the recent news of exchanges shutting down and ICO funding being banned certainly has a short term negative effect on the prices. However, digital assets are a global phenomenon. Huge Internet businesses like Facebook or Google are banned in China and are doing pretty well.”
To be continued….
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise