Hong Kong Blockchain Week (March 4 to March 8, 2019) was hosted by the NExchange Group. An event gathered more than 3000 delegates, 120 speakers, 150 investors from all over the world. During the meetings participants discussed last trends and solutions in blockchain and cryptocurrency industry.
We have highlighted 3 main topics of this event.
Cryptocurrency Will Become an Alternative Investment Asset
Although now the cryptocurrency market has a bearing trend speakers are sure that in future cryptocurrency will become an alternative investment asset standing in the line with stocks and bonds. They also assured audience that cryptocurrency can be a competitor for fiat currencies.
Thomas Lee, the Fundstrat co-founder, stated that there are two reasons defining that cryptocurrency will become an investment vehicle. The first reason is weakening USD index due to the policy of the US Fed and central banks of other countries.
Secondly, there is a new generation of millennials seeking for blockchain and cryptocurrency. The same interest of people aged from 20 to 30 defined the growth of consumer stocks capitalization 30 years ago and innovative Internet startups 20 years ago.
The Demand for Blockchain and Cryptocurrencies Will Increase on The Underserved Markets
Despite of the rapid growth of the crypto industry we still do not see actively used mass products based on blockchain technology. Thus, the experts announced different opinions on the length of time needed for massive use of the crypto. It was a long discussion, and variants of possible time frames of mass blockchain adoption varied from 2 to 20 years.
For example, Jon Malach, CryptoCurrencyNews.com co-founder and UBuck Technologies Advisor, said that the millenials from North America will be the first and the most important client segment of the blockchain-based products. He grounded this statement by the fact that 63% of millennials do not have credit cards and access to the main financial services, thus they need an alternative.
In the meantime usage of cryptocurrency causes a rapid growth of the online gambling and cybersport services.
The only thing that stops the majority of companies from transferring services on blockchain is the fact that they do not have a proper strategy of blockchain technology implementation and absence of the stable cryptocurrencies.
Introduction of Stable Cryptocurrencies Will Lead to Spreading of Blockchain and Cryptocurrencies
Creation of the stable cryptocurrency is one of the main conditions for making blockchain and cryptocurrency a mainstream. A stable coin means that the cryptocurrency is bounded to a price of classic assets like gold, silver or the fiat currency. This leads to decrease of cryptocurrency ups and downs, thus coin price remains stable.
Thus, users will have a motivation to keep savings in the cryptocurrency.
The first call for creation of stable coins can be a recent emission of JPM coin issued by JPMorgan. JPM coin is bounded to US dollar.
Experts agree that adoption of blockchain by the masses is inevitable. It is all about companies that will be the first to develop the best solutions for blockchain and cryptocurrency fields. Of course, it is always hard to be a pioneer as it is not enough to have a good idea, it is also vital to know how to sell it. You can learn how to present your project or you can hire an experienced professional who can do it instead of you.
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