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Since the inception of the ongoing crypto winter in 2018, many predictions have been made about the future of the crypto market, especially the Bitcoin market where the price of Bitcoin plunged over 80% from its all-time high recorded in 2017.
Although some crypto enthusiasts and pioneers believe Bitcoin will regain its glory at some point in the future, a good number of crypto analysts maintain their stand that the Bitcoin peaks may be gone for good.
One such analyst is Nikolaos Panigirtzoglou from J.P. Morgan, who made a report about big industry players losing interest in cryptocurrencies. His report about financial institutions’ fading interest in Bitcoin holds true though as most big firms have steered their resources away from cryptocurrencies – and for good reasons too. Well, Panigirtzoglou has a different message for those firms.
Speaking with CNBC on the show Futures Now, Panigirtzoglou took back his bearish predictions and advised major firms to start reconsidering their stand and renew their interest in Bitcoin. He explained that the crypto market is rather a new market that is still finding its feet in the financial space. It is true it went through a bubble phase and the burst but this is only a temporary stage. Panigirtzoglou added that the current stability recorded in the crypto market is setting the groundwork to attract more institutional investors in the future. Consequently, he advised big industry players to renew their interest in Bitcoin and other cryptocurrencies as stability in the market grows.
Furthermore, Panigirtzoglou explained that the biggest problem facing the crypto market at the moment is the lack of standard regulation. Due to this drawback, he added that it might take a few years for major financial institutions to start entering the crypto space again.
It is true no one can say with any certainty if the ongoing crypto winter is far from over or when it would be over. But like Panigirtzoglou, more analysts are moving towards the bullish extreme compared to the bearish side, which goes to show that there might be hope after all. Winter may come to an end soon enough – maybe sooner then we think. Hence, it is advisable for firms and investors who steered away from Bitcoin and the crypto market, in general, to start considering their stand and renew their interest in cryptocurrencies once again.