Ever since the arrival of Bitcoin, many people have predicted that “soon” all of the cryptocurrencies will crash. The trends in cryptocurrencies have been compared to global events such as tulipmania, the 1929 stock market crash and the dotcom bubble. However, even after the recent fall in crypto prices, the industry continues to attract new investors.
This time, Yoni Assia, CEO of trading platform eToro, has picked up the dotcom bubble analogy. However, instead of speaking against the technology, Assia has chosen a different path. In an interview with Bloomberg, Asia said that 95% of the crypto startups will “end as nothing” but he believes that these startups have a bigger platform than the ones in the dotcom bubble.
According to him, “You have something that you’ve never had before, not even in the dotcom bubble: if you have a genius idea now and you put a whitepaper on it and suddenly you have 100,000 millionaires reading it and saying ‘hmm, that’s a really good idea.’ If 1,000 put in $10,000 — which is not a lot of money for those 100,000 — you just raised $10 million for your ICO. That scale has never happened before.”
He also went on to add that, “Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle. […]My long-term view is selling crypto now is like selling Apple in 2001. You do it if you have to do it, you don’t do it if you don’t have to do it.“
Mr. Assia concluded by reaffirming the belief that blockchain technology has revolutionary potential, as it provides transparency and decentralization in industries of utmost importance, such as medicine, finance or electoral systems.
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