10.5 C
6 June 2023
Image default

Prominent Investor Optimistic, Awaits Crypto Adoption In 2019

Many pundits have agreed that crypto and related technologies have the potential to shift global paradigms. And while this potential is widely acknowledged, with many forward-thinkers throwing themselves at the blockchain ecosystem, adoption of crypto products has yet to occur. But one prominent Bitcoin investor expects for this to change in the coming months.

Related Reading: PwC Crypto: 2018’s Bitcoin Crash “Cleared Out The Noise”

Multicoin Capital Head Expects Crypto Adoption

Business Insider recently sat down with Kyle Samani, the managing partner of Multicoin Capital, to discuss his predictions on the crypto ecosystem for 2019. Although Samani was hesitant to give price predictions, the Multicoin co-founder drew attention to a number of expected industry themes, namely the adoption of blockchain technologies. He explained that during 2019, he awaits the launch of a number of “high profile blockchain products,” which are likely to attract a mass of customers, from both the institutional and retail realm.

Giving an example, he brought up Tari, an open-source venture built on Monero and backed by Riccardo Spagni. With Monero-based code, Tari will be able to facilitate the issuance and management of non-fungible tokens, like entertainment tickets, loyalty points, and video game items — colossal markets that crypto could tap.

In 2019, the crypto industry en-masse has already gotten a taste of adoption. Overstock, an American online retailer with a newfound enamorment with blockchain, recently began to pay a portion of its Ohio State taxes via Bitcoin. Although the integration, supported by the state’s incumbent treasurer, converts business tax-related crypto payments to fiat immediately, such adoption has been appreciated.

Epic Games, the company behind the world-renowned Fortnite video game, began to briefly acceptMonero (XMR) for merchandise via a payment partner. Although this innocuous integration has been shut down, due to the CEO of Epic’s objections, the developer sees potential in decentralized technologies.

Yet, in a recent candid interview with the Express U.K., Mati Greenspan of eToro expressed that a lack of education will continue to curb the adoption of blockchain-centric products. Greenspan, who has quickly risen to become a preeminent sector commentator, noted that now that awareness of crypto has “peaked,” education will become the foremost barrier to entry.

Elaborating, he noted that while consumers know of Bitcoin, a majority of the demographic fail to understand the network’s underlying premise, value proposition, and the fundamentals of the technology. So, Greenspan, eToro’s senior analyst, noted that “education should be at the top of the agenda this year,” especially as innovative, game-changing crypto products continue to get churned out.

Expect DEXs, Ethereum Competition In 2019

In the same interview, Samani noted that he also expects for decentralized exchanges (DEXs) to see a monumental run, drawing attention to Binance’s foray into this subsector. He explained that the arrival of such platforms will be a “massive shift,” adding that once Binance launches its venture, other leading upstarts will follow.

Concluding his comments to the business outlet, the leading investor explained that Cosmos, Dfinity, and projects with a similar premise will begin to challenge Ethereum’s smart contract hegemony. He stated:

“All of the new blockchains are aiming to challenge Ethereum… I expect by the end of the year the percentage of total developers building on Ethereum will be lower than it’s right now, simply because of the competition.”

Related posts

Wyoming, Congress introduce bill to try to keep blockchain and crypto in US


IBM Enters a Blockchain-Focused Partnership Aimed at the Clothing Industry


Blockchain Firm Ankr Launches SDKs for Multichain Liquid Staking