Dima Vol, Board Member at Mile Unity Foundation has declared that the Cryptocurrency Market is not depressed at all. According to the Stablecoin expert, it is a matter of investors getting depressed.
In an exclusive interview with CoinNewsLive, Vol intimated that to understand this situation clearly, one needs to take a look at history. Using the Great Depression as an analogy, he insisted people lost confidence in Railways because a lot of banks had lost money investing in them. “However, compared with the present time we are still using this transport because the technology is working,” he hinted.
When asked if in the medium term the market could recover to the 2017 level of $800 Billion market cap, Vol had a different viewpoint. He asserted:
Even if the market recovers to $800 Billion market cap, in the financial world it will be very little. Bearing in mind that crypto-forexes (exchanges) will be trying to rise trading volume to the top positions in order to increase their profit. But even if we ignore it, 800 billion USD of all the cryptocurrencies’ capitalization will be just a small part as there are trillions of dollars and quadrillions in different derivatives
He maintained the capitalization of Alibaba amounts to more than $341 billion; Apple and Amazon have $700 and $660 billion market cap respectively, which is far bigger than the capitalization of the entire cryptocurrencies’ value
Altcoins in 2019?
The ongoing market recession has also raised various issues about the sustainability of altcoins, especially from Bitcoin Maximalist. But Vol thinks altcoin will be powerful enough only if it is supported with real economy commodity trade.
“But for the real economy, the really important thing is stability,” he suggested. “That’s why 2019 will be the year of stablecoins which may help to bring new investment and liquidity to the market.”