Even with ups and downs, nothing seems to stop the cryptoeconomy

Even with ups and downs, nothing seems to stop the cryptoeconomy

The crypto market has suffered sharp falls in recent months, many of them as a result of multiple actions taken by different entities involved in its environment.

After reaching a record high above $19.000 last December, the price of Bitcoin --and other cryptocurrencies-- has gone up and down every time there is news that seems to affect its steady growth.

On the one hand, there have been regulatory measures from different countries, most of them economic powers such as the United States and China, as well as South Korea, one of the most active countries in cryptoeconomics.

In recent weeks, some of tech’s largest companies have been leading a crusade against cryptocurrency-related advertising on their platforms. Facebook, Google, and now Twitter, no longer allow ads related to cryptocurrencies and the so called ICO's (Initial Coin Offerings).

Instead of doing their 'homework' and determining which ICO's and cryptocurrencies were legitimate and which were not, the tech giants simply put the whole issue to rest with a blanket ban, even though there are feasibly more legitimate than illegitimate actors in the 'cryptosphere'.

But there is a reason why digital assets have not collapsed, and it is because the technology that supports cryptoeconomy, the Blockchain, is considered by many to be the future of the global financial sector.

As contradicting as it may seem, Twitter CEO Jack Dorsey said in a recent interview with the British newspaper 'The Times' that Bitcoin will eventually dethrone the dollar and the euro as the most important currency in the world.

“The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin,” said Dorsey to 'The Times', adding that it might take some time. “Probably over ten years, but it could go faster.”

And here is the point of analysis regarding the cryptosphere: despite the constant attacks on it, the market continues to grow.

For instance,  the Chinese government has spent more than a year trying to erradicate cryptocurrencies out of the country with increasingly repressive regulations, but still four of the ten biggest cryptocurrency Exchanges in the world are from China, and two from Hong Kong.

South Korea is another country that just a few weeks ago tried to block cryptocurrency trading within its borders, but then backed down. In a country with around 51 million citizens, some estimates put cryptocurrency ownership in the country as high as 33 percent of the adult population.

Altough it can be difficult to differentiate between legitimate and inauthentic projects in an industry as young and unregulated as crypto, this digital currency ad ban punishes actual projects alongside fraudulent ones. However, neither this nor anything else in the near future seems like it's going to stop this financial revolution.

 

By Alejandro Cortés

Sources: Coin Central, The Times

  • Alejandro Cortés

    Alejandro Cortés

    Egresado de la Escuela Mexicana de Periodismo Carlos Septién García. Ha trabajado para varios periódicos en México y los Estados Unidos desde 2002.

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