Paul Krugman, Tom Lee and Cory Johnson discuss the future of cryptocurrencies

A recent ChainXExchange conference held at Mandalay Bay in Las Vegas saw prominent world figures discussing the odds of the cryptocurrency platform surviving in the current bullish market scenario. The speaker roster saw the likes of Paul Krugman, Cory Willard, Tom Lee and Cory Johnson in attendance.

The attendees were of the belief that the demand for cryptocurrencies will grow just as industry investment will see an upsurge. This would be the time when millennials will enter their prime years of earning and regulators set standards said the speakers.

Jessica VerSteeg, the CEO of Paragon Space and an advocate of digital currencies mentioned that digital tokens are what make international transactions smoother. She said:

“I run an international company, and at the end of the month it is a lot easier for me to pay all of my employees in Bitcoin.”

But Nobel Laureate and Economist Paul Krugman thinks that the future of the cryptocurrency space is bleak. He stated that beyond using digital coins as a mode of payment for unlawful activities, there isn’t much one can do with it. The fact that the transaction time takes between hours to several days added to the fact that it uses a significant amount of electricity is the opposite of what an easy payment should look like argues Krugman. He said:

“What problem is it supposed to solve? We are using this clever algorithm to bring monetary economics back to the 17th century. The monetary system we have works pretty well.”

According to the Review Journal, the cryptocurrency space gained global attention the previous year when the prices hiked to over a 1000% leading to the creation of millionaires overnight. The event also led to teenagers and senior citizens hopping into the cryptocurrency community.

Former hedge fund manager Cory Willard highlighted then that the size of the audience was an indication that the cryptocurrency market was in a bubble and going to crash.

Tom Lee, the Head of Research at FundStrat Global Advisors and an advocate of the cryptocurrency network stated that although digital currency is seeing dry days at the moment they are soon to come to an end.  He even went on to convincing hodlers to not sell their digital assets. He said:

“It is a mistake to be bearish when you are already down. The bear market has largely run its course in crypto. The only time when you can make money in a big way is to buy when others are selling.’’

Ripple’s Chief Marketing Strategist, Cory Johnson surmised that if cryptocurrencies do not exist as a store of value for customers and are of practical use in that sense, their values will all drop to zero. He affirmed that due to the lack of transparency with regards to cryptocurrency regulations, venture funds who are otherwise ready to pour in their resources to develop the technology are unwilling to do so. He said:

“The rules of the road are not clear. Until that happens, the industry won’t develop to the scale it can.”

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