On July 20, Peter Smith, CEO of Blockchain.com in his interview with Bloomberg, talked about Bitcoin institutional adoption and Bitcoin positive consolidation.
While Bitcoin continues to stay at around $ 7,300 mark after its confident growth this week, Blockchain.com CEO Peter Smith suggests that the crypto market can see the positive consolidation, supported by regulatory growth and interest from institutional investors.
According to him over the past couple of years we have seen really sharp rice and very sharp descents. This was followed by a kind of consolidation of the market. Smith believes that now we are seeing another slow consolidation. A moderate and positive consolidation is likely in the next quarter.
Smith also explained that now the cryptocurrency market is becoming more legitimate, as regulatory certainty increases. It is a significant achievement in relation to what happened in previous years. In addition, the market observes the inflow of investments of a different type. According to him, the flow of institutional money continues to increase.
Speaking about the volume of trading, Smith noted:
“Right now it’s a pretty slow retail market, historically market is led by retail. The market is seeing a pretty big uptick in the institutional market. That’s the reason Bitcoin is outperforming.Institutions that are coming into the market are usually buying Bitcoin first so I expect it to outperform relative to other major cryptos in the next 6 months.”
However, the market has to do a lot to materialize this effect.
“But a lot of this has to do with the infrastructure that you build to enable some of these institutions to come into the market”
Blockchain is positioned as a single solution that supports the functionality of the cryptocurrency wallets and related products. Smith explained that his company intends to attract institutional investors, primarily from the US, developing specialized services.
“It’s a big focus, bringing new institutional products in the US market. However, it’s not all easy, specifying the challenge with these institutions. It is a very long cycle.”, he said.
According to Smith, the market of crypto currency is experiencing a huge institutional interest. “There are a lot of talks of these institutions coming into the market, but I think we won’t be seeing its full effect until mid-2019.”
Last April, Peter Smith assumed that Bitcoin price can reach $ 500,000 by 2030.
Сonsidering how the cryptocurrency market is developing from the point of view of regulation, institutional interest and many other things, Bitcoin and overall cryptocurrency market is here to stay.