Despite the mauling of crypto markets by the bears, last year was a huge one for mainstream media to pick up crypto related stories which were once for niche outlets only. They obviously drive traffic and garner attention which shows that the public still has a big interest in all things crypto.
Fortune has been big on Bitcoin for a while now and its dedicated TV slot, The Ledger, has just run another prediction piece hosting the Winklevoss twins. The show was largely dedicated to their Gemini exchange and related products but the following predictions are interesting.
The first prediction is the loss of traction of Tether. Stablecoins took off in 2018 when several new ones appeared on the scene all with the ambition to dethrone USDT. While Tether is still the king dollar pegged coin with a market cap of $2 billion, others are creeping into the charts and gathering momentum.
The next most popular stablecoin after USDT is Circle and Coinbase’s USD Coin which is currently at 19th place with a $354 million market cap. TrueUSD is next down the list at 27th on just over $200 million. Naturally the dump of most altcoins has lifted stablecoins over the past few months but there are now a good few competitors for Tether. If the Escobar estate gets its way there will be another one coming soon.
The second prediction is that Facebook enters the fray with its own stablecoin for use on WhatsApp. However, considering the manipulation, privacy and censorship issues the social media giant has been embroiled in over the last year it should be the least favorable platform to trust with crypto assets.
More torment from the SEC has also been predicted as the US regulator eyes up bigger targets. The possibility of XRP being classified as an unregulated security is a very real one for Ripple. Either way American authorities will not be going any easier on crypto in 2019.
On a brighter note there is a prediction for a Bitcoin EFT approval, possibly as early as next month. Bakkt, which has just made its first acquisition, is gearing up for the launch of its physically settled futures contracts and VanEck may not be far behind.
Finally a look at markets, and a prediction for the continuation of 2018’s crypto hangover. Worsening economic conditions, global political tension, and volatility have been cited as the dampener for Bitcoin and its brethren. However, some may see these as reasons to get into crypto and decouple from ever more fragile fiat as stores of value.