Another 'Expert' Claims That Bitcoin Is A Bubble
With the crypto market going into hibernation at the moment, analysts and experts alike are coming up with predictions of what is going to happen to the market during this period.
The CEO and co-founder of the blockchain company Civic, Vinny Lingham specialises in identity security and believes that we will blow another bubble even more significantly than the previous one for the crypto market. Lingham shared his views speaking at the Chain Reaction event hosted by Blockchain Entrepreneurs Club South Africa in Johannesburg earlier in the week.
The South African internet entrepreneur has raised over $30 million with his company through an ICO in 2015. Speaking about the developments and the future of blockchain and the issues of mass adoption he said:
"Do I think weâll have another bubble? Probably, because people just donât learn. Once it broke through $20k, it would run to over $100k and then we have the start of a new bubble-bust cycle," Lingham said, explaining that he looks at the cryptocurrency market from a long-term perspective, while the bubble will be created by investor greed.â
As reported by Cryptovest:
âHe explains the December bubble and the subsequent burst by disbalance between supply and demand as last year investor interest in digital assets and ICOs considerably exceeded the supply, while in the second half of 2018 the situation reversed.â
The South African harbours no illusions about the upcoming mass adoption for Bitcoin with the significant scalability issues that slow its development and reduce the scope of real-life use cases.
"Even though we are about a decade into blockchain technologies, we are still in the infancy. Primarily the number one use case for cryptocurrency outside of money transfers is trading. Itâs mostly a speculation game."
Moreover, Lingham is not the only one who has emphasised the bubbly state of the current digital currency market. Back in July this year, Agustin Carstens a General manager at International Settlement claimed that Bitcoin was a bubble waiting to burst and added that it was a Ponzi scheme which could result in an environmental disaster.
What are your thoughts? Let us know what you think down in the comments below!