Bitcoin is still holding its consolidation pattern, but over the next two weeks there is a chance of a flash crash. Historically, BTC puts in its major lows extremely quickly. Over the span of a few days, it is possible we see a several thousand point decline before Bitcoin springs back up to $20,000. We plan on dollar-cost-averaging should we see the decline in crypto worsen.
While this bear market has been especially brutal for the digital asset markets, we continue to see signs of growing institutional adoption. Even though individual cryptocurrencies may be subject to legal action from regulators in the future, the trajectory of the space is very positive. As we have communicated many times, we strongly believe that blockchain technology will help tokenize trillions of dollars in value over time. Furthermore, banks such as Goldman Sachs are already beginning to shift to this new technology.
Specifically, Goldman Sachs has been leveraging the Ethereum blockchain to create a marketplace where institutions will be able to buy and sell tokenized debt, creating the potential for a goliath of a market for the blockchain industry yielding a surplus of demand for utility-based networks. Even though Goldman Sachs is currently using Ethereum, we believe that there are better alternatives that provide greater security and speed. Over time, we expect the market to gravitate towards the most efficient networks, and we believe chains such as XRP and Hedera Hashgraph could be big winners in this space.