Will Bitcoin get worse before it gets better?

Numerous investors with Wall St. credentials have recently expressed their skepticism towards Bitcoin. Legendary investor Warren Buffet said he doesn't really understand it and Yale University professor and a winner of Nobel Prize in economics, Robert Shiller, compared the cryptocurrency market to the infamous tulip bubble.

But crypto insiders still see vast potential in this new asset, volatility be damned. All three experts I've contacted for this story are bullish on the crypto-market's long-term prospects. And according to Gerszt, we may actually be out of the woods already.

"With the crackdowns occurring in China we’re seeing a fair amount of turmoil and fear. There’s really nothing for investors in the US to be afraid about... Now that China seems to have gone as far as it can go, we should have reached the end of downward price movements based on fears of further Chinese government action."

While China hasn't been very benevolent towards the cryptocurrency market, numerous countries, including Russia, Estonia, and Venezuela, have expressed interest in launching a national cryptocurrency. Crypto traders might not be able to quickly flip these on the market, but if these plans come to fruition, everyone might benefit. According to Hayter, these nationalized coins "will have a large part to play in increasing the velocity of money and hopefully lifting GDP and wealth for all."

It's hard to say how the market will swing and when the sentiment will change. In fact, it may have already changed; when I started writing this text, Bitcoin's market cap was $37 billion less than it is now. But perhaps investors shouldn't be worried about short-term price fluctuations and instead focus on the technology.

According to Storonsky, the price of this or that cryptocurrency isn't the only indicator of the market's health, and perhaps it's not even the most important one. "We’ve seen huge crashes such as these before, and we’ll see them again. Remember, we’ve only seen the tip of the iceberg, the potential is huge and cryptocurrencies have a long way to go," he said.

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