Fred Wilson believes that the bottoming out process will end sometime in 2019 for cryptocurrencies


Fred Wilson, a well known Venture Capitalist, recently published a blog article on his site talking about the future of 2019. His prediction covers many aspects from politics, global economy, stock market, tech business, including cryptocurrency, quoting what he said, “Any set of predictions for 2019 from me on this blog would not be complete without some thoughts on crypto.”

Fred Wilson believes that we are in the process of finding the bottom on the large, liquid, and lasting crypto-tokens. But he thinks that process could take much of 2019 to play out.

He also expects we will see some bullish runs, followed by selling pressures taking us back to retest the lows. Fred thinks this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.

Wilson thinks the next bullish phase is triggered by the fulfillment of promises of some projects from 2017, such as Filecoin and the Algorand project, which makes a lot of sense because a lot of projects that launched via ICOs in 2017 ended up shutting down.

Another theory that Wilson also mentioned was his expectation to see a number of next gen” smart contract platforms” that will challenge Ethereum, followed by Ethereum’s defending its leadership through a number of important system improvements.

Aside from that, the Union Square Ventures co-founder expects to see a wider adoption of cryptocurrency, particularly in developing countries through stablecoins, NFT/cryptoassets/cryptogaming, and earn/spending opportunities.

Wilson stated that he still has some concerns about it, particularly related to the actions of “misguided regulators” that will “harm” high quality projects.

Moreover, the dark side of crypto, such as scams, failed projects, and losing investments will still exist in 2019, which he said, they could be “a drag on the sector.”

However, he also mentioned that it’s always the case with new emerging technology that allows anyone to set up shop and get going.

“Permissionless innovation produces the greatest gains over time but also comes with the inevitable bad actors and actions,” he said.

“Do I sound pessimistic? I suspect I do, but I am not. I am incredibly optimistic… It is going to be a doozy,” he closed his 2019 prediction.

 


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Samuel Tan

Samuel Wan has been an analyst and cryptocurrency evangelist for the last few years. Previously he worked as a consultant for a Big 4 consulting firm and is passionate about how blockchain will make an impact in the world. You can contact Sam at s@cryptomenow.com

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