What’s in store for cryptocurrencies in 2018
As 2017 draws to a close, it is undeniable that cryptocurrencies were one of the biggest and hottest topics grabbing headlines during the year.
Analysts and bitcoin bulls are steadfast in their message that the cryptocurrency revolution is here and can’t be ignored by businesses around the world.
But with something so new, and disruptive, what lies ahead on the horizon isn’t as clear to see.
To try and get the lay of the land for cryptocurrencies and related topics, South Africa will host its first blockchain summit in March 2018, where analysts and leaders in the space will deliver their views.
“On the one hand, we need to realise that blockchain, as with any technology, is just an enabler and not a golden goose lying magical eggs, that will automatically solve all your organisation’s problems,” said Naomi Snyman, blockchain lead at Standard Bank, who will be speaking at the summit.
“On the other, it is time we move on from proof of concept mode and focus on scaling and widening partner networks to drive use cases.”
Lorien Gamaroff, CEO of Bankymoon and another speaker at the summit, said that cryptocurrencies can drastically reduce the cost of cross-border remittences and increase the convenience and efficiency of moving money.
“Capital controls are another compelling factor driving cryptocurrencies. We could be at the watershed where fiat currencies become obsolete in favour of decentralised, digital alternatives,” he said.
Investor, businessman and group co-CEO of The Creative Counsel (TCC), Ran Neu-Ner meanwhile holds crypotcurrencies’ disruptive qualities in high regard.
“The keyword when you are thinking about the blockchain is decentralisation… Just keep asking yourself, if something is centralised, how is it going to be disrupted? Because it’s going to be disrupted. It’s a new economy, where everyone who contributes earns their fair share in tokens,” Neu-Ner said.
Some of the major predictions for the crypto market in 2018 include:
- The cryptocurrency market capitalisation will triple in the next year.
- Cryptocurrency investment products, perhaps even an exchange traded fund (ETF), drive retail take up.
- Bitcoin and Ethereum will lead the debate on scaling blockchain, with either on-chain or off-chain scaling.
- Thanks to regulation, there will be massive consolidation in the Initial Coin Offering (ICO) market, with solid ICOs remaining.
Read: How hackers can steal your Bitcoin and other cryptocurrencies
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