Ed Cooper, from Revolut, told Express.co.uk that 2018 is going to be an “exciting year” for Bitcoin investors and that further regulation will add “more legitimacy” to the market.
He said: “2018 will definitely be an exciting year for cryptocurrencies.
“Increased regulation will be positive as it will add more legitimacy to the space and allow businesses to have much clearer guidelines when dealing with cryptocurrencies, whereas previously there has been uncertainty which has stunted growth.”
Mr Cooper added that the huge adoption of virtual money is based on its “underlying technology” and predicted that Bitcoin is going to emerge from its current period of declines stronger than ever.
He commented: “The popularity of the cryptocurrencies is based on the underlying technology and not on advertising.
“Initial coin investments (ICOs) and cryptocurrencies have faced lot more serious problems in the past and have emerged stronger.
“This time is not going to be any different.”
The member of Revolut was eager to discuss a new Bitcoin technology named Segwit, short for Segregated Witness, that is an upgrade for the cryptocurrency that changes how data is kept on the platform.
He declared that the upgrade will deliver “decreased network congestion, improved confirmation times and lower fees”.
Mr Cooper explained: “One example is the increasing adoption of Segwit on the Bitcoin network, which is a change to the transaction format which improves the performance of the network.
“Several large exchanges such as Coinbase are planning to upgrade to SegWit, and the new Bitcoin Core wallet will also support it, which will result in decreased network congestion, improved confirmation times and lower fees.”
Bitcoin started harnessing SegWit back in August 2017 and has been hailed by many enthusiasts as a solution to scaling problems that have plagued the virtual money.
The adoption of cryptocurrency exchanges could lead to greater Bitcoin adoption and thus a surge in prices.
Bitcoin is currently trading at $7,615.07 at the time of writing.
The cryptocurrency has shaved off a shocking $2,695.53 from its value in the last month that will have surely sent mass worries to investors.
The horrific decline marks a fall of 26.14 per cent for the visual money in the last month.
Huge declines and spikes in Bitcoin prices demonstrate the monstrous volatility of the cryptocurrency sphere.