At the event, Chain Reaction, in Johannesburg, earlier this week, the CEO of Civic Winnie Lingam spoke about the future of the market of cryptocurrencies and the blockchain. The event was organized by club blockchain entrepreneurs South Africa (BECSA).
Lingam focused his speech on cryptocurrency projects on blockchain developments and market conditions.
On the blockchain
The speaker noted that the blockchain industry is still very far from mass recognition due to lack of usage scenarios and scaling issues. He said
Despite the fact that we are already a decade engaged in the blockchain technology, it is still in its infancy.
Lingam called speculation cryptocurrency “use case number one.” However, he expressed confidence that the situation will change only with the introduction of new ways of using the blockchain. Blackany needs to scale to achieve the performance of traditional payment systems such as Visa, stressed the CEO of Civic.
He said that the blockchain developers and teams startups should be passionate about their projects, not the amount of money that can help out.
On the bubble
As for the price of bitcoin, Lingham noted that last year the increased investor interest has led to higher prices and increase the number of ICO. He also pointed to last year’s “shortage of supply”:
Now more proposals for ICO than buyers, a decline in the price of bitcoin and other crypto-currencies contributes to the fact that buyers are spending less money.
Lingam predicts “a new bubble due to the greed of investors”:
Do I think we will have another bubble? Probably, Yes. Because people don’t learn. Then the price will again reach $20 000 and will go back to $100 (or something like that).
In General, the head of the Civic believes it would be better if bitcoin grew slowly and steadily “out of sight of the public”. Then its infrastructure could receive sufficient development.