Is Cryptocurrency Dead for Good?

Since it was created nearly a decade ago, Bitcoin and the cryptocurrency market it spawned have faced a constant stream of doomsayers declaring the coin dead or headed for obsolescence. Ten years later, a single Bitcoin is worth four figures, and it appears to have found some stability in tandem with its growing maturity. The same can’t be said for the sector which now includes thousands of coins and tokens, each of which exhibits varying degrees of success.

Moreover, for all their promise, cryptocurrencies still can’t seem to break into the mainstream. There are still very few merchants that accept crypto payments, and most financial services continue to be settled in fiat currencies. Critics say crypto may have been a flash in the pan. For supporters, though, the signs are clear that even with the current culling of the crypto ranks, the sector will emerge stronger.

The real question is, which group is right? 

Key Takeaways

  • Cryptocurrencies have become fairly popular in the market since they were first introduced in the early 2000s.
  • Bitcoin reached historic highs, nearing $20,000 valuation in December 2017 before crashing the following month.
  • Cryptocurrency critics say the market is doomed mainly because of a lack of acceptance, the denial of applications for crypto-ETFs, and the future of regulation in the market.
  • Proponents contend that these currencies are gaining more momentum in the mainstream market, and are moving toward becoming a standard for payments and value exchanges in different industries.

What the Skeptics Say

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