blockchain will ‘redefine digital finance’

In financial circles, there is perhaps no more polarizing topic than cryptocurrency.

For some, the concept of blockchain is a total waste of time, not fit for anything other than building worthless cryptocurrencies for traders to speculate in. The downside, however, is that increasing amounts of money, resources and intelligent minds are pouring into the space, despite the bear market we are currently experiencing find ourselves in.

We interviewed Crypto Academy CEO Granit Mustafa to get his thoughts on the continued bear market, the long-term future of crypto, its polarizing nature, and much more.

Coinjournal (CJ): Do you find that those new to crypto are sometimes put off by the supposed complexity and technical knowledge required to properly understand blockchain?

Granit Mustafa (GM): Surely. Although many leaders of companies have a business mind and rely on experts for technical knowledge specific to the industry, the deep understanding of an unpredictable industry seems to be a key factor in scaring off potential traders, investors and entrepreneurs.

It can be daunting for institutional and individual participants to try to get something done in this industry. On the other hand, there are so many people who want a piece of the new and rapidly developing industry that they dive in head first without having all the information.

Nevertheless, while the technicalities and the technology itself are nothing short of complicated, the concept behind blockchain and cryptocurrencies in retrospect is quite simple, which I think pushes people to participate anyway.

In a best-case scenario, involvement in the industry itself provides practical knowledge of the inside of the blockchain and the dynamics of the industry. In the worst case, however, the haste can be detrimental to the interested party if their care is lacking.

CJ: Much crypto remains quite polarizing, with some saying there are too many money-grabbing projects and others saying it will revolutionize the economy as we know it. Why do you think there is such a wide range of outcome forecasts?

GM: As in any other industry, there are those who fully believe in the potential of novelty and application of technologies or new industries, and those who resist it due to fear of the unknown.

We know that from the financial markets there have always been rug pulls and ponzi schemes, we know that there have been several devastating hacks since the advent of this digital era, and a host of other criminal activities in every single industry. This is to say that every revolutionary invention or innovation, or in this case a disruptive technology, is a double-edged sword.

On the contrary, there are those who look at the glass half full and fully believe in the potential of technology, not only to make life easier for people, but also to fight the very crimes that the non-believers point to incessantly.

The wide range of these expectations stems from the fact that the technology has a wide application, and for better or worse, with the benefits of this prevalence also come some shortcomings that need to be addressed sooner rather than later.

CJ: Do you think the bear market we are seeing now will cause some newcomers to stop following the industry for good?

GM: Absolutely. I like to think of bear markets as a driving force for challenging participants. Bull and bear markets represent the basic cycle of markets and it is nothing new. This repetitive cycle has been present since the beginning of the market’s operation, and quite frankly, it will never go away.

The fear in the market at the moment is quite significant, but it is a testing ground for those who believe and make sound investment decisions in this critical time, and those who cannot handle it and choose to focus their attention and funds elsewhere.

It is natural that unhealthy and unnatural growth in the markets will constitute a subsequent crash that is just as sudden and serious. Although the market is new and volatile, and full of uncertainties, the basic behaviors and concepts apply, even if the uncertainty is higher.

Take MicroStrategy for example. One of the top institutional investors holding Bitcoin (BTC), despite all expectations, Michael Saylor, CEO said the only way MicroStrategy would liquidate its Bitcoin (BTC) holdings would be if Bitcoin (BTC) fell to $3,000, and that they would put other assets as collateral instead of deciding to sell. This is an example of incumbents in the industry who are not intimidated by a passing cycle.

CJ: You state that you believe cryptocurrency is the future of finance on your website. I’m curious what role you see for Bitcoin in this future?

GM: My team and I fully stand behind the claim that blockchain and cryptocurrencies will definitely redefine digital finance.

Contrary to popular belief, regulations are very important to facilitate and accelerate global adoption of cryptocurrency, including Bitcoin (BTC). With increasing adoption, Bitcoin (BTC) will cement its role as a safe haven investment and store of value, along with taking the form of a proper digital currency as institutional adoption grows and global payments are facilitated through the flagship cryptocurrency.

Bitcoin (BTC) holds the key position in the market due to the limited supply and right now due to liquidations caused by the bear market, Bitcoin (BTC) is ripe for the taking. The time to buy is now. In a few years, many will look back to the time when Bitcoin (BTC) traded for $20,000, just as they look back to a time when they could have owned Bitcoin (BTC) for $2.

CJ: Have you been surprised by the growth in the industry since then Crypto Academy was launched in 2016?

GM: I’m glad the industry has grown, but I’m not surprised. I have been in the industry long enough to realize the potential for widespread use. I am glad that the rest of the world has caught up with the believers in the industry.

On the contrary, I had expected more growth and a better regulatory landscape to facilitate the adoption of blockchain technology and cryptocurrencies, so I’m a little disappointed in that aspect.

However, I expect Binance and its CEO Changpeng Zhao (CZ) as a key accelerator of adoption to get and motivate governments and financial institutions around the world to buckle down and get on board.

Coinjournal (CJ): You post a lot of price estimates on your website. What is the track record for these and how do you make such predictions?

Granit Mustafa (GM): We base our price predictions on the general market movement, important indices and sentiments such as the Fear and Greed index, the cryptocurrency roadmap, market acceptance and expert opinions to analyze and present the most accurate expected price movement.