Jeeth R’s opinion
We have this opinion about cryptocurrency from Jeeth R, a former manager at Government of India stated last June 19.
What started with a unique cryptocurrency named Bitcoin which rose from a virtual nil to above $3000 in value, taking the world in surprise and awe, making a statement about the future of cryptocurrency.
Investors still skeptical about the prospects of cryptocurrency actually resulted in further rise of Bitcoin. Soon many alternate coins ( commonly called Altcoin) were launched to skim the new found fad of cryptocurrency. As on date there are more than 4300 types of cryptocurrencies in trade. Now that takes away the uniqueness of these currencies. Every other day you can see hordes of new ICO (Initial Coin Offer) being launched. The number of cryptocurrencies in the market is at a level of saturation. Not many currencies though are actively traded. Those which are traded actively see huge volatility.
Cryptocurrencies are here to stay- No doubt about it, but there is a lot of cleaning up to be done. Many of these currencies will vanish from the scene and only the better managed currencies will stay . Investors should look for a long term horizon into these and brace for very high levels of volatility.
Bitcoin , Ethereum, Ripple, Litecoin are examples of few better managed cryptocurrencies ( Not the only currencies) you may track.