There are two ways to do this, firstly, you can take the bear, strap some horns to its head and stick a ring through its nose. Although, have you ever tried to strap horns to a bears head? I don’t imagine it’s easy. The second way, has been discussed by CNBC and Ambrosini Brothers Analyst, Todd Colvin. You can see the full article for yourself, here. Colvin is famously bearish on cryptocurrency, but has discussed a few factors that would help him change his stance on the markets. We agree with that Colvin has had to say and believe that actually, if conditions changed in this way, more bears would convert to ‘bullism’, if that counts as a word? Colvin believes that there needs to simply be more clarity within cryptocurrencies. Bitcoin especially needs to see clarity in its security, accessibility and regulation. According to CNBC, Colvin said:
“Hacks and security breaches are the things that cause these bear markets, when you have these, 'Oops, somebody robbed my wallet off an exchange.' That caused the last big $1,000 decline we had.”
“Right now the government doesn’t really know how to define or quantify what bitcoin is. They don’t call it a security, so it doesn’t fall under the SEC umbrella. It’s still very confusing. There is demand for this type of product. It’s just that nobody can get their hands on it. More accessibility will bring higher bitcoin prices over the long term.”
In essence, Colvin, like many, believes that Bitcoin and cryptocurrencies need to sort their act out before the bears will consider changing their stance. Security threats, accessibility issues and regulation are all factors that are driving the markets down. These are the factors that need to seriously be addressed before the bears cheer up and even before we can consider cryptocurrency adoption as a realistic prospect. We want to just close on Colvin’s point about the demand for cryptocurrencies. There is a demand for this product yet as it stands, the majority of those who want in, cannot access it. They aren’t rich enough and they aren’t sure enough. Through clarity, at least uncertainty will be abolished.