Bitcoin will bounce back despite volatile markets – Expert

Bitcoin and other cryptocurrencies have been experiencing a period of volatility since December, leading many investors to be cautious. However, there are experts like Mic Mann, Director at Mann Made, who remain optimistic about the future of cryptocurrency, particularly Bitcoin. In a recent interview with CNBC Africa, Mann emphasized the potential of blockchain technology, the underlying technology of cryptocurrencies, and its transformative capabilities for the financial system. According to Mann, the adoption of blockchain technology is inevitable, and he believes that Bitcoin will rise in value over time. Despite the speculative nature of cryptocurrencies, Mann encouraged investors to hold on to their assets and remain patient for potential returns in the future. One key point that Mann highlighted during the interview was the astronomical energy costs associated with mining Bitcoin. He referenced a statement from Christine Lagarde, the Managing Director of the International Monetary Fund (IMF), who pointed out that by 2022, the energy costs of mining Bitcoin could surpass the combined energy costs of Argentina. This poses a significant challenge for regions like Sub-Saharan Africa, where electricity infrastructure is already strained. Mann suggested that embracing renewable energy sources could be a solution to accommodate the energy demands of Bitcoin mining. Diversification in cryptocurrency investment was another key theme of the interview. While Bitcoin is often the focus of attention, Mann urged investors to consider diversifying their portfolios with other cryptocurrencies like Ethereum. He praised the solid ecosystem backing Ethereum, highlighting its potential for smart contracts and government support. The potential impact of exponential technologies on job markets was also a topic of discussion. Mann referred to a recent summit where Gary Balls, the Future of Work Chair at Singularity University, discussed the abstraction layer created by exponential technologies, which could disrupt the traditional job market. Despite concerns about the loss of jobs in certain sectors, Mann pointed out that historically, technological advancements have led to the creation of new job opportunities. He expressed confidence that the emergence of technologies like AI, robotics, and 3D printing would generate new roles in programming, engineering, and wellness fields. In conclusion, Mann's outlook on the future of cryptocurrency and blockchain technology remains positive, despite the current market uncertainties. He believes that the transformative power of these technologies will shape the financial landscape and create new opportunities for investors and job seekers alike.