With the addition of Volkswagen’s Chief Digital Officer, Johann Jungwirth, the IOTA Foundation is in a prime position to have a significant influence on the automobile industry. Jungwirth has been the CDO at Volkswagen since November 2015 where he has orchestrated the digital transformation of Volkswagen Group’s brand that includes: Porsche, Audi, Bentley, Bugatti, and the reason why many of people get into cryptocurrencies- Lamborghini. With the addition of such talent, IOTA believes that they can work faster to bring the technology to the market and create new applications for the Internet of Things. It is also understood that further collaborations between Volkswagen and the IOTA Foundation will be announced over the next couple of weeks.
However, with proper news, FUD is almost always going to follow with the hedge-fund Multicoin Capital coming out this week and claiming that $MIOTA is “Sharply Overvalued” due to the fact that $IOTA has a number of flaws in the coins machinations. The analysis by Multicoin Capital went on to criticize the IOTA Foundation’s team saying that they may run into a “Chicken and Egg issue” as the IoT devices would need hardware changes.
Well as far as we can see, for IOTA to become successful companies need to adapt their currency and hardware; similar to almost every coin on the market at this point. It is anyone’s game, and we can see IOTA slightly moving ahead of the pack because of the steps they are taking to ensure long-lasting relationships with companies that are buying into their ideologies. Not to mention, IOTA was selected by the Tokyo Metropolitan Government Program to help create a government e-currency, which they have attempted before with the e-Crown in Sweden. In the e-Crown case, it is in the government’s hands to utilize the e-currency as it is said to be a finished project or cannot go any further without government support; we will see.
All in all, based on IOTA’s current price now is a better time than ever to stock up on some tokens especially with the upcoming announcements and release planned as we head into February. IOTA is currently trading at $2.43 USD and has been bumped out of the top 10 on Coin Market Cap with a market cap of $6,752,535,279. Although IOTA’s price has been somewhat stable hovering around the $3.00 – $2.50 USD mark aside from the recent market dips, we can still see that it is attached to Bitcoins price movement. If you compare the chart of BTC to IOTAs, you’ll see that they are nearly identical.
However, looking into the future, we can most likely see IOTA begin to separate from BTC once the IOTA/EUR pair is listed on the exchange Omoku on March 31st or possibly earlier bridging purchasing access to those with EUR. Furthermore, we can also expect some more big news shortly; by January 31st the long-awaited Trinity wallet will be released which will be more user-friendly, and by March 31st we can surely expect partnership announcements for AV Testbeds participants along with many more global meetups and meetings. In spite of its current low price, it is showing us that IOTA is hugely undervalued for what the project is truly capable of. Once we approach Q2/Q3 and the ball gets rolling, we can expect its actual value to reflect in the price.
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