Joey Krug Expects “Choppy Waters” for Bitcoin this Year

Pantera Capital co-chief investment officer and Augur co-founder Joey Krug has recently discussed his thoughts on digital currencies with Bloomberg TV

Bloomberg host Emily Chang asked him about how the crypto asset space will develop over 2019. He unsurprisingly mentioned that he expects for “choppy waters” to continue haunting Bitcoin and other digital currencies throughout the year.

Aside from Krug, several preeminent commentators and analysts claimed that 2019 will be full of price shortcomings. Well-respected crypto trader Murad Mahmudov elaborated in a YouTube appearance that as some altcoins like XRP, EOS, and Ether remain drastically overvalued, the general market may be overvalued. Subsequently, Mahmudov said Bitcoin could bottom within the range of $1,800 to $2,400.

Regardless, several industry insiders and onlookers think this year’s cryptocurrency sector will be full to the brim with fundamental developments instead of irritated investors, depressed markets, and collapsing startups.

In his blog, Union Square co-founder Fred Wilson touched on this thought process. Wilson stated that while a bottom of crypto markets is festering, finding a floor may occupy much of 2019. However, he explained that he expects for 2019 to be favorable for the industry’s fundamentals, saying a lot of 2017’s unfulfilled cryptocurrency-related promises will come to fruition this year.

Wilson is also expecting “next-gen” smart contracts platforms such as Cosmos to start making a move on Ethereum’s hegemony, establishing a pro-innovation ecosystem rife with competition. Ultimately, the Union Square co-founder said he expects for “blockchain 3.0” platforms, coupled with non-fungible tokens and stablecoins, to make a move on the mainstream awareness.

Placeholder Ventures partner Chris Burniske echoed such sentiment, previously noting that he expects for prominent projects to ship viable product this year, similar to how Ethereum launched in 2015.

But then, others are even more cynical than the three. South African entrepreneur Vinny Lingham is expecting for Bitcoin to continue to range trade instead of breaking out.

During the said interview, Krug gave an optimistic outlook to Bloomberg audience, balancing out the dichotomy between Wilson’s bullish quips and Lingham’s harrowing comments. Pantera’s investment head elaborated that “moving forward,” there will be a significant focus on pushing product and acquiring users, stating that he is “optimistic overall.”

Moreover, the Silicon Valley-based investor said he expects for digital currencies to undergo a long-term “grind” higher, likely on the scalable crypto networks’ back which may single-handedly catalyze worldwide adoption.