How Far Will Crypto Go?

By ByungWoo Sohn

About a month ago on June 6, Mark Cuban, billionaire owner of the Dallas Mavericks, launched a series of tweets calling cryptocurrency a “bubble.”

He wasn’t lying. Gold is something you can physically hold onto; with bitcoins, not so much. His tweets actually caused a 5% dip in bitcoin’s value, which was all the more reason for Cuban to call the industry a bubble.

Four weeks later, Cuban apparently had a change of heart and announced that he was taking part in an ICO.

Why the sudden change of heart? The crypto world is incredibly fast-paced, as most of you know. Maybe he changed his mind after reading something or maybe he knew his tweets would cause a price dip and did it intentionally. No one will ever really know, but this does say something about how far crypto has come along. Just a few years ago, who would have thought someone like Mark Cuban, a guy starring on prime-time reality shows like Shark Tank, would be talking about cryptocurrency so openly?

Mark Cuban isn’t even the only, or first celebrity talking about crypto. Coindesk published an article about 10 celebrities investing, or at least talking about bitcoin. The list included names like Ashton Kutcher, Drew Carey, and Snoop Dogg. And this article was published THREE YEARS AGO, an eternity in the crypto world.

The list even included American football player Chad “Ochocinco” Johnson. When a guy who changed his name from Chad Johnson to Chad “Ochocinco” because he wears number 85 (ochocinco means 85 in Spanish) is talking about bitcoin, you know it’s not just cypherpunks and rich investors looking into crypto.

It’s not just people who are investing in crypto either. Major companies are now accepting bitcoin as a form of payment. Just recently, German fast food company Lieferando started accepting bitcoins as payment.

A Las Vegas stripclub, of all the places in the world, has started accepting bitcoins too.

Hyundai, a Korean car conglomerate, has recently stepped into the crypto world by backing the Korea Digital Asset Exchange (KODAE). They are aiming to make it easier to pay with digital assets, like the image below shows.

This looks like a lot of other payments APPS…

So where do things go from here? The truth is that no one, absolutely no one, really knows. “Experts” may say that they know, but they’re all just educated guesses; not so different from yours or mine. Some people say the bitcoin price by 2030 will be $500,000 USD.

Others, like Mark Cuban before he changed his mind, think the “bubble” might burst.

Bitcoin prices have dropped from $3000 USD in mid-June to $2300 now, while Ethereum prices were cut in half from $400 to $200 in the same time span. In such a volatile market, who knows what’s going to happen?

One thing that is for certain though, is that people need to be able to trust cryptocurrency in order for it to grow. As more and more people start using digital assets, the crypto world will move on from the image of “something you buy drugs online with” as mentioned in a previous post.

Repeated hacks however, still plague the crypto community to this day. If Mark Cuban could drop the bitcoin price by 5% with a few tweets, imagine what would happen if other celebrities had millions of their digital assets hacked. How much would their tweets impact the prices of coins worldwide? Or worse, would governments around the world, from public pressure, start regulating digital currency like fiat?

This is the immediate next step in crypto that openANX is trying to solve. People should be able to transparently see the security protocols of an exchange that they put money in. They should be able to hold onto their private keys, and have full knowledge of the risks that they are taking.

As with everyone else, we don’t know what will happen to crypto in ten years, or really even in the next month, as bitcoin and ethereum prices have shown. We do feel adamantly however, that the next step in crypto is creating an exchange platform that people can trust.

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