Cambridge University: Speculation of the death of Bitcoin ‘Greatly exaggerated’
Following news that verified crypto-user numbers doubled in the first three-quarters of 2018, the study by Cambridge University also concluded that the death of Bitcoin amid an 85% drop in price has been ‘greatly exaggerated’ by the media.
Media coverage after the price collapse this year has focused on the crypto bubble bursting. However, Cambridge Universities study suggests that speculation of the death of Bitcoin has been oversold. The study found that not only was there an increase in user volume and engagement, but there was also a 57% increase in diversification, with companies offering an integrated service to customers and almost a 40% increase of coin support. The report has also noted a growth in maturity of the market from increasing self-regulation.
Mining hash power and geographical concentration have been portrayed as a huge issue by the media — however, the report showed a large share of the energy for these facilities comes from renewable sources and major growth in areas such as North America. Despite the negative coverage, the report suggests enhanced support and business opportunities are likely to continue but at a delayed rate. This was then followed by:
“Statements proclaiming the death of the crypto asset industry have been made after every global ecosystem bubble. While it is true that the 2017 bubble was the largest in Bitcoin’s history, the market capitalisation of both Bitcoin and the crypto asset ecosystem still exceeds its January 2017 levels –- prior to the start of the bubble. This report has shown that the speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plans of industry participants will, at most, be delayed.”
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