Bitcoin [BTC]’s performance on the charts has been tumultuous, with the cryptocurrency breaking not just the $6000 barrier but also the $5000 barrier. Lou Kerner, an official at CryptoOracle, has made sure that the cryptocurrency community knows about the market scenario and where it can lead.
Kerner touched upon how Bitcoin has change trajectory multiple times before and the atmosphere right now was something he had seen before. To a question posed about the death of the cryptocurrency market, he added that the ICO part of the spectrum has been on a decline since the beginning of 2018.
Kerner also claimed that the investment in utility will drive the cryptocurrency market forward and made a comparison with the frequent flyer program on airlines.
The CryptoOracle official pointed to the multiple regulatory decisions put forth about Bitcoin and cryptocurrencies in general. In his words:
“The regulatory authorities need to decide whether they are going to roll out the red tape or the red carpet for cryptocurrencies. Take the example of China and Google. Being banned in China has not stopped Google from becoming a technological superpower. It would obviously be bigger if the regulations were lifted.”
Lou Kerner also commented on the future of Bitcoin, assuring users that the cryptocurrency will only progress from here on out. He went on to mention that Amara’s law applies to Bitcoin. Amara’s law states that:
“The impact of a technological change is overestimated in the short run and underestimated in the long run.”
Furthermore, he had drawn the comparison between Bitcoin’s rise and fall and Bitcoin. He had said:
“Commodities such as cryptocurrencies will reach highs and lows. For example, Amazon had fallen by a massive 95% and look where they are right now. Prices will fall, it is only the long run benefits that we need to keep a lookout for.”
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