Enrouting to Davos, honorable Chief Executive Officer of Nasdaq, Adena Friedman said that the year 2019 would going to be a year of disruption and innovation. Cryptocurrencies could still be a global currency if the “tremendous demonstration of genius and creativity” finds practical utility.
Pioneering, Followed by a Dose of Reality
Just like others, Adena Friedman also believes that the cryptocurrency space has gone through the first stage of the “classic invention lifecycle” this is: “Marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.” For most of the believers, the dose of reality is a real hard hitter. Till date, approximately over 400 billion dollars has been wiped off the market capitalization of cryptocurrencies. Currently, the price of Bitcoin has fallen from highs of 19,000 dollars to lows of 3,200 dollars. The early investors may still be in profit, for those who joined the market on its way up, they are sure feeling the downside.
Cryptocurrencies Could be the Internet or Segway
The CEO of Nasdaq says that one of the two things will happen in the coming days. Firstly, just as the sensation that internet made and the innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric. Secondly like the Segway, the invention fails to achieve broad adoption and its commercial applications as a medium of exchange are limited. It is really tough looking at the industry with billions in investment, tens of thousands of credible startups, and stalwart progress towards adoption, compared to a not so successful personal transportation device.
Nasdaq Works to Gain Investors Trust in Cryptocurrency Friedman has said that “It is difficult to ignore the huge amount that investors, including some of the most sophisticated global investors, have poured into digital currencies in recent years.” this kind of serious invention also deserves an opportunity to find a sustainable future in our economy. He also said that for NASDAQ it is completely about gaining the trust of the investors in cryptocurrency by implementing its trade technology and integrity.