Demeester: 5 Reasons Why Bitcoin May Not Take Off Before 2019 :

Demeester: 5 Reasons Why Bitcoin May Not Take Off Before 2019

US economist Tuur Demeester has published an article in which he explains why the course of Bitcoin will probably not rise again this year.

In an article on his blog, investor Tuur Demeester announced that 2018 was a year of catching up, growth and a pivotal period for Bitcoin.

Despite his long-term optimism, Mr Demeester thinks Bitcoin prices will not fly again, at least not until 2019.

Here are the 5 reasons mentioned by the Texan investor:

1) Interest in Bitcoin's investment and trading is down, as this recent study published by Gallup shows, fewer and fewer traders are accepting the motto and finally the Google trends show a significant drop in interest in finding keywords related to Bitcoin.

2) Transaction volumes are significantly lower this winter.

3) Miners who have not upgraded their machines or found cheap electricity have experienced a sharp drop in profitability (90% since January 2018).

4) The highly anticipated US Securities and Exchange Commission (SEC) response to Bitcoin ETFs is likely to be postponed until March 2019.

To read on this topic: SEC commissioner disapproves of Winklevoss's rejection of Bitcoin ETF

5) Institutional investors arrive on the market but seek to position themselves regardless of price. The majority of institutions are not yet ready to actually hold digital assets like Bitcoin.

Mr Demeester concluded by explaining that the market probably needed more time and that the SEC's decision was a key factor. Recently, Ethereum founder Vitalik Buterin said that "the craze around Bitcoin ETFs was exaggerated".