Governments worldwide are more active than ever in overseeing this asset class and initial coin offerings as they aim to drive out fraud to protect consumers. Jay Clayton, chairman of the US Securities and Exchange Commission (SEC), says distributed ledger has “incredible promise for the financial industry” and the increased regulatory oversight will benefit the market and help it mature overall.

Vicky Redwood, global economist for Capital Economics, is more bearish when it comes to cryptocurrencies and expects Bitcoin to move downward as investors are likely to realise “it is simply not a credible long-run alternative to conventional currencies”.

Financial moguls, including Rockefeller, George Soros, the Rothschild family, and others, already their sights set on Bitcoin.The Soros Fund Management venture internally approved the trading of virtual coins in the past few months. Soros called cryptocurrencies a bubble in January of 2018, just before Bitcoin losing over 40% of its value. As the dip seems to be at an end, the big players are moving in.

The new wave of institutional flows into the cryptocurrency market will be dealing with less uncertainty as governments provide a more robust regulatory framework. This may be the beginning of a mature market.