VINNY LINGHAM: What Bitcoin needs to rise again

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what bitcoin needs
Cryptocurrency entrepreneur Vinny Lingham.

Cryptocurrency entrepreneur Vinny Lingham says there’s one thing Bitcoin needs to bounce back … and it’s not an ETF.

Mr Lingham, who is the founder of blockchain project Civic, has long been considered a voice of reason in the Bitcoin space.

He was skeptical during the enormous cryptocurrency price rise in 2017, which he now describes as a bubble.

“We saw a huge rush to invest in these things,” he said.

“The rate in which prices were growing was disassociated from the rate things were being created.

“We may never see that again in our lives.”

what bitcoin needs
Vinny Lingham is a successful entrepreneur and co-founder of blockchain project Civic. (Source: LinkedIn)

What Bitcoin needs

Bitcoin is now in one of the longest bear markets in its 10 year history, so how will it ever bounce back?

Well, Mr Lingham says what Bitcoin needs is one thing: adoption.

“The reality is that crypto needs real adoption and use cases … and until we have that we’re not going to have another bubble.

“The speculative mania is over. People want real numbers and usage and transaction volumes.

“Without that, there’s no real indication of demand for any of these cryptos … So we’re in the phase now where we have to deliver traction.”

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What about the ETF?

“I’ve been negative about the Bitcoin ETF (Exchange Traded Fund) since March of 2017,” Mr Lingham said.

“It’s been two years and it hasn’t been approved and I don’t see the conditions changing.

“I don’t see any approvals coming with the current state of the US government.”

Mr Lingham says the other issue is the ongoing investigation into price manipulation in the Bitcoin markets.

“Until that’s resolved, they cannot approve an ETF,” he said.

“Because if it comes and back and there is manipulation, the government’s just green lighted a vehicle for (manipulation.)

“The government’s job is to make sure people don’t get hurt.”

Will Bitcoin survive?

Mr Lingham says Bitcoin will survive, and suggested that “at some point” there could be a Bitcoin ETF.

However, he believes the digital currency is in a “tough spot” and the ETF is not the main game right now.

“There are so many other unanswered questions right now. Let’s deal with fundamentals and core issues.

“It will stick around. The real question is what’s the market adoption going to be like?”

“Let’s see whether the ideologies around Bitcoin will be adopted by society as a whole. It can’t live in a vacuum. It needs real people using it.” M