How the art world could driver up crypto values

How the art world could driver up crypto values

How the art world could driver up crypto values

One of the major cryptocurrencies is expected to get a boost from a more traditional asset class.

Ethereum, the second largest cryptocurrency after Bitcoin, has been in bear territory recently with dramatic decline in value to around $200 but it could be set to surge thanks to the art world.

“It would be reasonable to believe that Ethereum will hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019,” says Ian Mcleod, from Thomas Crown Art, the world’s leading art-tech agency.

Why? Because many sectors including real estate, antiques, and finance are increasingly showing interest in Ethereum and the underlying blockchain technology.

“The art world is likely to be one of the biggest adopters as blockchain can authenticate artwork,” adds Mcleod. “It’s an ideal use-case for distributed ledger technology as it offers the ability to store a permanent, immutable record of artwork at the point of creation which can be used to authenticate registered works by any party."

Mcleod says that Ethereum is superior to Bitcoin, which he expects to lose 50% of its value in the next 5 years.

“Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”

 


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