Will the darling of the supply chain industry succeed in proving all naysayers wrong?
VeChain has developed an intelligent contract platform that makes it easier for different companies to work together without the involvement of third parties. The technology was specially developed for large companies to improve the efficiency of supply chain management.
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The project has made significant progress since the mainnet launched. Case in point: BYD, one of the largest automakers in China, partnered with VeChain just a month after it was dropped to work on its carbon banking solution.
In addition to BYD, VeChain has also partnered with a number of other Chinese companies and organizations such as PWC and China Unicom. The Singapore-based startup has even partnered with People’s Insurance Company of China (PICC), which will use VeChain’s audit system to keep insurance records. The latter case is hardly relevant for its token price, however, as China has banned cryptocurrencies. On March 31, VeChain was officially recognized by the Chinese government – it appeared together with Alibaba Blockchain among the officially registered blockchain-oriented companies.
The first batch of nationally registered blockchain companies has been announced and what does that mean? https://t.co/10m6qaLAoH
– The China Coin (@TheChinaCoin) March 31, 2019
VeChain’s partnerships go far beyond China, however: the company has also teamed up with Amazon Cloud to integrate its one-click solution via the BaaS platform. The price of vocational training rose 16 percent in one day.
Back in December 2017 VeChain was supported by Roger Ver himself, Roger Ver, who is now an avid Bitcoin Cash supporter. Ver claimed VeChain has some “interesting ways” to use blockchain technology to fight counterfeiting and increase the trustworthiness of P2P markets without permission.
As for other major crypto influencers interested in VeChain, it is worth mentioning billionaire venture capital investor Tim Draper. Draper, famous for his Bitcoin tie, which every time reminds us of his bullish stance towards Bitcoin, is also among VeChain investors.
VeChain, like any other altcoin, tracked the decline of the entire cryptocurrency market. The crypto room attracted many inexperienced investors who were eventually scared away by the brutal bear market. One investor even made a video explaining how he lost a whopping $ 1 million in professional training after investing in the coin at the height of the bull market. He blamed VeChain founder Sunny Lu for his huge loss, claiming Lu failed to provide them with enough details about key partnerships.
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At the time of this writing, VET ranks 24th and its price is struggling to top $ 0.006. While the cryptocurrency market remains in limbo, VeChain is a notable exception – VeChain rose 5.2 percent on March 31.
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What can you expect in 2019?
Bitcoin, the very first cryptocurrency, remains the king of cryptocurrency, and all altcoins usually follow its lead (with just a few notable exceptions). This year has been very uneventful for the crypto market so far as Bitcoin’s volatility hit historic lows. Unless there is another bull run in 2019, no enormous price growth is to be expected in 2019.
However, when a highly anticipated Bitcoin ETF gets the green light from the Securities Exchange Commission (SEC), anything goes. This means that the vocational training price has already risen by 41 percent this year.
Price predictions for 2020, 2023, 2025
Given that Vechain has a first mover advantage in the supply chain, it’s not far-fetched to assume that its price could quadruple in the coming years.
There are some crazy price predictions that vary between $ 10 and $ 75.
However, it’s also important to remember that perspective is at stake – few could believe that XRP could hit $ 3 during the December 2017 market summit. The same applies to vocational training; There is a very good chance that the coin will hit at least $ 1. To do this, VET needs to involve more customers to cement its place in the supply chain industry. XRP received a lot of traction after a rapid surge in institutional volume.
It’s worth noting that at least half of the total VeChain supply goes into the wallet, which would have a significant impact on the total circulating supply of the cryptocurrency. Coupled with the first mover advantage in the supply chain department, the price should rise to at least $ 3 over the next several years.
After all, the most optimistic forecast would be $ 9, which would be the case if the most over-bullish scenarios were turned into reality. VeChain would take a 1: 2 slap of massive Bitcoin price spikes and the launch of VeChain Thor to accomplish this feat. Of course, USD 9 is not a limit, considering that the most optimistic price predictions do not rule out Bitcoin reaching USD 1 million.
Why would you want to stay away from VeChain?
Despite its promising technology and well-known partnerships, VeChain has several drawbacks that could put off potential investors.
Vaporware. The intelligent contract platform VeChain Thor, which is the linchpin of the technological performance of the project, is still under development. That essentially means that the project’s success is brilliant. In addition, there is no official roadmap for VeChain. Many use cases of the project only exist on paper.
China’s crackdown. VeChain is closely associated with the Chinese government, which is known for its hawkish stance on cryptocurrencies. While China took the “blockchain over crypto” stance, it should not be ruled out that blockchain could be banned here as well.
Competition. VeChain has many competitors in the smart contracts department – from Ethereum to Cardano. In addition, it has to compete with Waltonchain.
Speculative partnerships. As mentioned above, VeChain is not always open to its partnerships.
The final result
VeChain is ready to revolutionize the logistics business for many companies around the world. If VeChain holds on to its expectations and general market volatility cools, it makes sense to assume that there could be marginal price growth in 2019. Despite some caveats, VET could be a good option for long-term investments given its disruptive potential.