Upset that you missed the boat on the cryptocurrency craze last year? Millionaires were minted overnight as bitcoin returned 1,700% in 2017, only to see prices crash by more than half since December.
The bubble seems to have popped, and not everyone got out in time. While we may be past the peak temporarily, the cryptocurrency trend is just getting started, and investor enthusiasm is still growing.
While the cryptocurrency investment boat may have already set sail, it’s likely far from the last huge opportunity in the space.
That said, Mark Carney, Governor at the Bank of England says bitcoin has failed as a currency. “It has pretty much failed thus far on… the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.”
His sentiments echo those of payment professionals at Merchant Payments Ecosystem (MPE), who struggled to identify compelling use cases for cryptocurrencies outside of “speculators and gangsters,” or perhaps both.
The underlying blockchain technology was viewed through different eyes, although it is true that many of the panelists believed that in its current format and technology cycle it was not fit for payments. They also agreed that bitcoin was bad press for the blockchain.