People are normally against bitcoins. These people predicted a lot about it and one of their many predictions was that all of these cryptocurrencies would very soon crash.
This prediction was later supported by various trends in the prices of the cryptocurrencies. And these trends were compared to few global events such as Tulipmania, 1929 stock market crash as well as the dotcom bubble. But few investors still do get attracted to the crypto world even though it faced a great fall recently. One such person was Yoni Assia.
What does Yoni Assia say?
The trading platform, eToro’s CEO is Yoni Assia. He too compared the bitcoin technology with the dotcom bubble global event. Instead of going against the technology with the analogy, he supported it.
Yoni had an interview with Bloomberg recently in which he explained the following –
“90% of the crypto start-ups will end as nothing but he believes that these start-ups have a bigger platform than the ones in the dotcom bubble.
From 1995 to 2000, people invested heavily in “.com” companies which were often formed without proper business models. Nowadays, people can come up with new ideas that can be recorded on a whitepaper for the entire world to read. Since these inventions are creative, millionaires invest in initial coin offerings (ICOs). Even if 1,000 of them contribute $10,000 individually, the entire project can raise $10million within a short amount of time. For example, web browser Brave raised $35 million in under 30 seconds last year.
Blockchain appears to be as transformative as the internet was. Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle.After introducing iPods, iBook and improving the Mac OS from 2001 to 2005, Apple’s stock started increasing gradually. Comparatively, currently investing in crypto is a decision people have to make on their own. 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”.
After introducing iPods, iBook and improving the Mac OS from 2001 to 2005, Apple’s stock started increasing gradually. Comparatively, investing in crypto is a decision people have to make on their own. 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”.
More Insight –
mentioned few more instances in the interesting interview and he concluded by
saying that if a person understands the blockchain
technology then they would want it to be used worldwide.
He also gave few examples like the medical, engineering as well as electoral systems wherein the blockchain technology could be very useful due to its decentralisation factor and transparency.
The work has indeed been started and one could surely expect such scenarios of uses in the near future but till then, one could only wait in order to find out which of the cryptocurrencies would be worthy of it.