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Even though there are many crypto enthusiasts out there who don’t believe a bull run is right around the corner. The former Managing Director at Morgan Stanley shares a similar sentiment saying that a crypto market preoccupied with short term returns will be an unlikely place for a bull run.
Patrick Springer worked for Morgan Stanley for twenty years and eventually became the Manage Director for the bank's international sales and advisory side. He has now said that a bull market would only come back into the space when buy and sell actions were no longer motivated by quick returns.
Moreover, this would be helped by consolidating the number of cryptocurrencies with weaker and ineffective assets being ‘left by the wayside’. Springer wrote in an email, “a bull market for crypto will come again when all the speculators have exited, i.e. when investors who believe in the greater fool theory of selling the same asset to someone but at a higher price, all leave. It will also come again when there is a great shakeout in the number of cryptocurrencies and utility tokens – there is no value to having an unlimited number of digital currencies sprouting from numerous forks.”
Continuous bear market
The cryptocurrency market is currently in a bear cycle. Most cryptocurrencies have experienced some serious drops in value over the past six months.
This has had several side effects. Hashrate on the Bitcoin blockchain dropped by around a third between November and December; mining operations were put to a halt since the act was no longer financially viable. As wrote by CryptoBriefing, there are some firms which have gone out of business such as ETCDev or they have seriously cut down on staff and operational capacity such as Joe Lubin’s ConsenSys.
When Springer left Morgan Stanley in the summer, he joined the international exchange for tokenised assets, Polybird Exchange as an advisory member. The platform is getting ready to launch this week.
The bull run of 2017 was mainly triggered by ICOs and a lot of speculation from enthusiasts. Springer saw a return in the market relying more on security tokens and tokenised assets. The former Morgan Stanley MD says he can see them representing a huge chance for investors and day traders. In addition to this, they can make the existing financial system more effective and transparent while also developing new channels for investment saying, “our current capital markets do not address the needs of large swaths of the economy. Digitizing assets can bring benefits to asset markets that are currently private in nature and have a lot of cost frictions”
What are your thoughts? Let us know what you think down below in the comments!
Patrick Springer在摩根士丹利工作了 20年, 并最终成为该行的国际销售和咨询部门的经理董事。他现在已经表示, 牛市只有在买卖行为不再以快速回报为动机的情况下, 才会重返。
此外,巩固资产实力较弱和无效的"被搁置一旁"的加密货币资产将有助于这情況。施普林格（Springer）在一封电子邮件中写道：“当所有投机者退出时，即当相信更愚蠢的理论，並向同一个人出售同一资产但於更高价格的投资者都离开时，就会再次出现加密牛市。 当加密货币和公用事业令牌的数量出现大幅震荡时，它也会再次出现 - 没有任何价值可以让无数的数字货币从无数的货币中崛起。“
已经有了几个副作用。11月至12月期间, 比特币区块链上的哈希率（Hashrate）下降了约三分之一;采矿作业被叫停, 因为该法案在财政上已不再可行。正如 CryptoBriefing所写, 有一些公司已经倒闭, 比如 ETCDev, 或者大幅削减了员工和业务能力, 比如乔·卢宾（Joe Lubin）的 ConsenSys。
当斯普林格（Springer）在夏天离开摩根士丹利时, 他加入了国际交易所Polybird Exchange, 以顾问身份获得了象征性资产。该平台正准备本周推出。
2017年的牛市主要是由ICO和爱好者的大量猜测引发的。 斯普林格看到市场的回归更多地依赖于安全令牌和象征化资产。 前摩根士丹利医学博士表示，他认为这对投资者和每日交易者来说是一个巨大的机会。 除此之外，他们还可以使现有的金融体系更加有效和透明，同时也开发新的投资渠道，“我们目前的资本市场无法满足大规模经济的需求。 数字化资产可以为目前私有化的资产市场带来好处，并且会产生很多成本摩擦“