Danny Masters, chairman of CoinShares, believes that a rally in Bitcoin price will happen this year, just as it did the year before. However, he also points out a few things that need to happen before that.
In an interview for CNBC, the chairman of the popular investment company, CoinShares, stood firm that Bitcoin’s price will surge once again in a manner similar to the one in 2017. Yet, he outlines that there are two things that need to happen before that – better structuring as well as a comprehensive life cycle after Initial Coin Offerings (ICOs).
As for the first premise for a potential Bitcoin price surge, Masters outlines that the structure of cryptocurrencies has to continue to build. In his words:
We need to see this [cryptocurrency] structure continue to build, […] We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we’re talking about and measure our performance.
With this, Masters hints that there are plenty of ways for Bitcoin and other cryptocurrencies to go prior to reaching a state of maturity. In other words, the field is still in a rather early stage of its life cycle. To build on to that point, the Chairman of CoinShares says:
We’re not even at the part yet where I’d say institutional investors even started in commodities. Because these things — indexation, custody and so on — aren’t there to bring in those bigger people just yet.
A lot of things have to come together to solidify the structure of…