2017 has been an incredibly eventful and successful year for the cryptocurrency space. The most unbelievable forecasts regarding the value of Bitcoin ended up being shockingly conservative. The value of Bitcoin didn’t just triple as promised by many cryptocurrency experts – it’s well over 10x and keeps skyrocketing day after day!
Cryptocurrency is definitely flourishing right now, but will the tendency remain in 2018? Can the entire Bitcoin globalization process be reversed or did the cryptosphere become part of our universe for good?
Some market experts doubt that Bitcoin will just keep going to the moon without the governments and central banks trying to stop its meteoric rise. The price may go up as high as $60,000, with the market capitalization reaching $1 trillion, followed by a crash engineered by Russia and China. By banning local Bitcoin exchanges and ICOs in the first week of September 2017, China has set a dangerous precedent, that might turn into a global witchhunt on the crypto space.
That being said, restrictions and regulations aren’t the only way governments, central banks and traditional financial institutions are trying to not let Bitcoin take over the financial world. Another thing they may add into the mix is competition, as an attempt to stay in control and discredit Bitcoin.
It is known that Russian government is interested in launching its own cryptocurrency. In order to remove the world’s most famous rival, the governments may simply ban Bitcoin and outlaw the existing exchange platforms. Or even shut down the largest mining pools under the pretext that the excessive use of electricity affects the environment way too much.
The new state-supported mining protocols will function better as compared to Bitcoin that will suffer under a multi-pronged attack. As a result, even the Bitcoin diehards won’t be able to stop the whole cryptospace from a significant reverse by 50-80%, as users turn to payment systems that seem to run smoother (if you don’t take governmental control and lack of anonymity into account).
As a result, the interest in cryptospace will significantly decrease, leading to the crash of Bitcoin and the end of the two-year crypto hype.
Keep in mind, this is an outrageous forecast, picturing one the most pessimistic scenarios possible. What is your opinion on the future of cryptocurrency?