You might have missed it: another Bitcoin funeral and a 100 billion USD market

BitPay CEO Stephen Peir believes that the cost of digital money will increase significantly after it is actively used, the world's youngest cryptomillionaire ErikFinman wrote the “obituary” of Bitcoin and other news of the last two days.

Last weekend, most digital money fell; many cryptocurrencies updated their yearly lows. At the same time, several significant events happened in the industry at once, which may further influence the situation on the market.

Jeremy Allaire, Circle: Bitcoin price will rocket over the next three years

The head of Circle, a payment startup, Jeremy Allair believes that in the next three years the price of Bitcoin will increase significantly. Millions of tokens will appear on the market, the specialist is sure. He added that the business needs to clearly divide a new type of assets into currencies, commodities, and securities.

Bitcoin was buried for the 334th time

The youngest cryptomillionaire in the world, Erik Finman, wrote an “obituary” of Bitcoin, in which he explained that digital money no longer has any prospects for further development. Prior to this, the cryptocurrency was "buried" 333 times.

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last… It may have a bull market or two left in it, but long-term, it’s dead,” Finman said.

He added that Litecoin will suffer the same fate as the main cryptocurrency. The entrepreneur spoke positively about the Ethereum and Zcash blockchain projects, as well as about Bitcoin Cash technology, but called the marketing strategy of the team unsuccessful.

The cryptocurrency market capitalizations dropped to $100 billion

On December 15, the average market value of Bitcoin set a new yearly low at $3,194, the price of Ethereum dropped to $82, XRP - to $0.282. The total industry capitalization dropped to $100 billion over the weekend.

Due to the general decline in the cryptocurrency market, some industry giants forced to close a part of their units. However, it is necessary to see the reverse side of the crisis. Vyacheslav Sidorenko, Business Development Manager at Soft-FX, believes that the optimization of business processes, the removal of weak, shady and "sluggish" players has a positive effect on the quality of products and the market as a whole:

“The decline in demand for software development leads to the fact that companies, which try to make quick and easy money, often even in a dishonest way, are leaving the industry. The market is gradually becoming more mature and safer, and blockchain technologies continue to develop and be applied in various spheres.”

Bitcoin became one of the most popular Google requests in 2018

According to Google Trends, ‘What is Bitcoin?’ was the most searched definition in the U.S. and U.K. in 2018. ‘How to buy Ripple’ was also one of the top questions.

Stephen Peir, BitPay: cryptocurrency will significantly grow in price again

The head of BitPay payment service, Stephen Peir, believes that at the moment the cost of cryptocurrency is largely based on speculation and only a small part is on practical value. In the future, this situation will change dramatically, digital money will be used much more actively, which will cause their increased rates.

The possibilities of the blockchain technology will not be limited to cryptocurrency space, it will be used to form databases, Peir says. In his opinion, in 3-5 years most restaurants and shops will start supporting digital money payment.