Marcus Swanepoel, CEO at Luno gives his insights into the destiny of bitcoin and how digital currencies are going to evolve.
“One big plea we trust the attention still faces is that of present gratification. Everyone wants cryptocurrency to be the same or better than the existent financial system overnight. The existence is that the existent financial system was built over hundreds – if not thousands – of years and we’re not going to build a new financial infrastructure overnight. While we trust that cryptocurrency will one day be all of these things (and more), we need to be studious and take it one step at a time. The stakes are high and it would be insane and potentially undisguised dangerous to rush things.
Despite talks of a ‘crypto winter’, which tend to be fixated on the price, we’re gearing up for an sparkling year ahead.
More regulators around the universe are providing clarity for cryptocurrency companies to work possibly within existent frameworks or with new licenses. This will assistance boost trust, weed out most (if not all) of the bad actors, and form the substructure for large-scale institutional income to come into the crypto ecosystem.
While we don’t trust we’ll see mass institutional adoption in 2019, we do trust that there will be some early movers like Fidelity, and BAKKT (who, interestingly, also captivated investment from our possess lead Series A investor, Naspers) that will get the movement started. We do, however, see smaller fintech and other tech companies entering the space around partnerships with existent cryptocurrency companies like Luno.
The much expected ‘real use cases’ of cryptocurrency will start display some skin in 2019. This is driven to a vast border by the volume of infrastructure that was built by vital cryptocurrency players opposite the universe in 2018, as well as addressing many of the scaling issues of the past.
Don’t design miracles or ‘killer apps’ – we know by now that cryptocurrency itself is already the ‘killer app’. But, what we will see is more doing of use cases that are used in niche products, services and communities, in sold where they denote things that cryptocurrency does that the existent financial system can't do at all (for example, immutability, traceability and so on) and in countries that don’t have a rarely grown or rival financial infrastructure, in sold rising markets.”