Not even Snoop Dog could save It.
As it was expected, many cryptocurrency enthusiasts and investors flocked Manhattan, New York City for last week’s Blockchain Consensus 2018 Conference. The conference was named after the localized ledger network that supports cryptocurrency that is seen as the solution provider to everything that ranges from unproductive financial transactions to world poverty.
The event was hyped to bring more blockchain-related jobs to the universal financial capital with the event organizers expected nothing less than 8,000 visitors trooping into the Midtown Manhattan hotel for Consensus.
Due to the planning and hype that was associated with the event, predictions from cryptocurrency experts like Tom Lee of Funstarat Global Advisors claimed that the conference would set off a market rally.
But not even the rented Lamborghinis or the 1,000 capacity yacht party with live performances from hip-hop legend Snoop Dogg could stop the value of cryptocurrencies from plugging by more than 50 billion dollars since May 11.
More specifically, the price of Bitcoin, the most popular cryptocurrency, dropped 4.13% in last seven days to trade slightly above $8,000 even after Arthur Hayes, the virtual currency exchange executive whose company rented the Lamborghinis, predicted an upward rush to $50,000 before the end of the year.
Even though the conference was a record-breaking event in terms of attendance, this week’s shaky performance is far beyond extreme by all cryptocurrency standards.
But the market’s resistance towards the Blockchain Week Conference underlines arguments that the most influential buyers already invested in enough Bitcoins during last year’s unforgettable surge.
Cryptocurrency enthusiasts and investors seem to have shed their childish skin and grown up. Meaning it would take more than an entertainment packed conference with special appearances from speakers talking about the markets potential to make them buy in.
The experience noted last week over the Blockchain Week Conference is that people have been enlightened and old rules don’t apply as much given their understanding of the crypto space. Previously, these events could have absolutely made a positive difference in boosting prices. However, this year’s event was a complete flop.
As crypto experts hope for more investments from professional money managers, it is not clear whether regulators in the US and other nations will adopt in putting in place the regulations that would attract institutional investors.
Shockingly, many people may not have proper information on what cryptocurrencies are and how they work. According to a survey that was conducted last year, many buyers and traders invested in cryptocurrency due to pressure from their peers and the fear of being left out without literally understanding how the market worked.
Many Wall Street experts have come out to dismiss the market labeling it as a speculative bubble with billionaire Warren Buffet weighing into the matter by linking Bitcoin to rat poison.
Sunny Lu, the CEO of VeChain Tech, a blockchain-based logistics firm, and one of the main speakers in the Blockchain event, attributed last week’s major slump to unmet expectations in regards to the Blockchain Week Consensus Conference 2018.