“Bitcoin has faced many hurdles in its quest to become a real alternative to cash, yet the digital currency has proven tenacious”, Adam Tepper predicts what the year ahead will hold for bitcoin.
The Bitcoin market Independent Reserve has released a discussion paper on Bitcoin predicting that the digital currency will become more reliable and conventional this year.
Many have tried to predict the future of the most discussed cryptocurrency. Many are interested to know what is going to happen with Bitcoin in 2015. Despite all the controversy surrounding this currency, Bitcoin has some powerful backers such as Sir Richard Branson, Bill Gates, and venture capitalist Tim Draper, who bought XBT 30,000 seized from Silk Road auctioned by the US Marshalls for around USD 19 million.
CEO Adam Tepper said that the signs from institutional Bitcoin investors were promising as well as the activity on the Independent Reserve exchange.
“Just recently we saw the New York Stock Exchange and others invest $75 million into Coinbase Inc. Bill Gates is a Bitcoin investor, so is Richard Branson. These investments are moving from bleeding-edge into the mainstream, just as Bitcoin itself is doing. We predict these types of announcements will continue over the year.”
Mr Tepper also said he expected to see Bitcoin exchange consolidation on the horizon as the digital currency matured.
“At the moment there are many Bitcoin exchanges, but we anticipate that the number will peak very soon and then start to shrink as smaller, less professional venues become obsolete and larger exchanges consolidate with their competitors. This will be good news for Bitcoin users and investors as it will drive up the quality and security of the global Bitcoin infrastructure.”
Moreover, Mr Tepper spoke about his expectations regarding the volatility of Bitcoin prices:
“At the moment, the price of Bitcoin is very susceptible to any kind of change or news, but this will diminish as Bitcoin becomes more mainstream, there are more users, and the infrastructure continues to solidify.”
The venture capitalist states that Bitcoin will keep fluctuating but “the swings will reduce over time.”
Indpendent Reserve enjoyed a strong launch in Australia last year, and has traded consistent volumes over the three months it has been open to the public. “We’ve been very pleased with the response of the local market, and we’re looking forward to more good news to come in 2015,” Mr Tepper said.
In contrast, Stratfor, a geopolitical intelligence firm providing strategic analysis, is a bit less optimistic about the future of cryptocurrencies. According to one of its latest articles, cryptocurrencies are still far from becoming a powerful financial tool.
“The movement on the regulatory front is an important precedent that is being set for bitcoin and other cryptocurrencies. It remains to be seen if these currencies can grow out of their niche market, but much like the Internet or file sharing, governments cannot exercise complete control,” reports Stratfor.
In conclusion, Stratfor claims: “ The United States and United Kingdom appear to recognize this fact and are trying to do as much as possible to bring bitcoin and other similar currencies into the traditional financial market.”
Full version of the discussion document is below.
Bit by Bit by Independent Reserve CEO Adam Tepper by CoinSpeaker
Eugenia graduated from Minsk State Linguistic University with a degree in Intercultural Communication, Translation/Interpretation (Italian, English). Currently she works as a business analyst, freelance interpreter and tutor. She’s fond of numismatics, photos, good books and sports, adores travelling and cooking.
