While the markets for Bitcoin and Ethereum and the rest might have been subdued, it's clear the cryptocurrency landscape is evolving quickly
It might be tempting to suggest that the cryptocurrency bubble has if not burst then deflated rather considerably.
At the midway point of 2018, the charts for Bitcoin, Ethereum, Ripple and all the rest are all pointing south, with values roughly a third of their all-time highs experienced in the pre-New Year frenzy just six months ago.
Then there is the increasing regulatory framework, with countries and banks moving to block activity related to exchanges and, in the case of the US and Australia, incorporating the space into their tax frameworks.
In addition, there are reports that in excess of 50 percent of initial coin offerings – or ICOs – that were launched in 2017 have already failed.
So, where are we right now? The signs, according to Gary Sheynkman, a crypto economics expert with Dubai-based Leyden Ventures, remain positive, with greater adoption, more institutional investment and greater central bank enthusiasm for the possibilities of cryptocurrencies – even if that means their original utopian purpose becomes a dim memory.
For Michael Burke, a Dubai-based entrepreneur whose real estate brokerage Arabian Escapes accepts payments in Bitcoin, they’re clearly an asset that will revolutionise securitisation.
On this week’s Arabian Business Roundtable Podcast, we asked both about whether it’s time to pack away the Lambos and the rocketships and start talking about the grown-up world of blockchain-based financial processes.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Oh come on, this is a complete scam, not a currency! Anybody putting money into something that has just lost 70% of its value must be mad... why on earth should it go back up in value? Once a bubble is burst there will never be enough buyers again...