Investors and entrepreneurs like Casares note that there silent remains a small chance of bitcoin and cryptocurrencies in general failing. But, if investors see a slight chance of bitcoin surviving as it has done in the close by ten years, it presents a long-term investment opportunity.
As the New York Stock Exchange (NYSE) chairman Jeff Sprecher turned:
Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are richer reconsider but yet bitcoin continues to survive, thrive and attract attention.
The Industry is Going Towards the Right Direction
A positive with in the long-term survivability of bitcoin and the cryptocurrency industry is the direction which leading companies have started to take.
With the be of Bitwise, Gemini, Coinbase, and other compliance-focused companies, the cryptocurrency industry has tacked key issues such as fake mass, regulatory uncertainty, and investor protection.
Gemini, for instance, obtained insurance services from Aon in October 2018 to beat protect user funds in a highly unlikely event of a security breach.
“Educating our insurers not only allows us to provender such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry,” Yusuf Hussain, Gemini’s Brain of Risk, said at the time.
How the Near-Term Performance of Bitcoin May Look Like
In the short-term, some traders lean toward a sure price trend for bitcoin due to the clean break out of important resistance levels at $4,200 and above.
But, the unforeseen drop in the 8 percent depart in the bitcoin price from $5,400 to $5,000 has led technical analysts to reconsider the outlook of the asset.