In the face of the market capitalization’s nine-month low, the CEO of multi-asset trading giant eToro has spoken positively about the mid-year correction and maintains that demand for Bitcoin has not declined.
This chart is sensational…
Despite falling prices this year, clients @etoro are increasing not decreasing their $BTC holdings. pic.twitter.com/kvYKo1PBiD
— Mati Greenspan (@MatiGreenspan) August 20, 2018
Making the comments in an exclusive interview with NewsBTC, Yoni Assia suggested that Bitcoin’s current bearish tone will lay the foundation for long-term growth across the cryptocurrency market. He stated:
“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days.”
Assia’s views have been echoed by a number of leading exchanges, many of whom have forecasted a more utopian market despite the recent downturn.
Earlier this month, Coinbase CEO Brian Armstrong explained current price action as a “series of bubbles and corrections.” In Assia’s eyes, such cycles appear to bring about more favorable market conditions. The eToro executive explained:
“Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”
eToro—which offers various assets including stocks, commodities, ETFs and cryptocurrencies to purportedly more than 6 million traders—appears to be catering to an increased appetite for crypto-assets, having just upped its number of tradable tokens to 12 with the addition of IOTA:
We are pleased to inform you that our selection of cryptocurrencies is continuing to expand, and IOTA is now LIVE on eToro. #newasset #cryptocurrency #IOTA
— eToro (@eToro) August 20, 2018
The transnational corporation has also released an unabashedly bullish research report on Litecoin, in which it describes LTC, the seventh-largest cryptocurrency by market capitalization, as being at a “massive discount to what it should be worth.”
Despite the market’s decidedly lackluster tone, eToro’s apparently bullish backing of cryptocurrency may read that changes are afoot. To many, a multi-asset trading platform such as eToro will represent the proverbial tip of the iceberg; the steady migration of capital from traditional, multi-trillion-dollar investment vehicles into cryptocurrency.
Cover Photo by Jonathan Bell on Unsplash
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