Trend forecaster Gerald Celente thinks cryptocurrencies are here to stay.
In his latest commentary, he “forecasts that digital currency will grow significantly as the race toward a cashless world accelerates.”
The outspoken newsletter writer said he is not paying too much attention to the “growing chorus of analysts” warning of a crypto crash and who think the digital-currency market volatility is unsustainable.
“There is a worldwide movement to eliminate cash, creating a wide-open market gap for digital currencies,” Celente wrote.
He’s been harping about this since December 2016, when in his Trends Monthly report, Celente said: “Soon, you won't be able to see or touch cash in the coming global cashless society... The pace at which currency across the globe was challenged or devalued accelerated in 2016. ...In 2017, there'll be a global sprint toward digital currency."
“That sprint we forecast is now turning into a mad cryptocurrency dash.”
Cryptocurrencies have surged dramatically in a short period of time, which has many analysts skeptical on some of them. Celente even pointed out that billionaire investor Howard Marks compared the cryptocurrency craze to the Tulip mania of 1637 – and we all know how that ended.
Despite price pullbacks, the leading crypto bitcoin is up nearly 200% since the start of the year. According to Kitco’s aggregated cryptocurrency charts, bitcoin last traded at about $2,760 a coin.
“The idea that investing in digital currency is merely speculative because it has no intrinsic or physical value ignores the larger, powerful trend: The world is going cashless,” Celente wrote.
"The entire global economy is shifting from material objects to intangible bits."
The only wild cards, according to Celente, are government regulations and interference.
“While volatility will continue in cryptocurrency markets, in a cashless, technologically sophisticated world, this is an unstoppable trend.”
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