We're Close to a Crypto 'Nuclear Winter,' Says Venture Capitalist Investor
The crypto space is close to a “nuclear winter,” according to a venture capitalist who remains bullish on blockchain-based companies.
It Happens Every 10 Years
Jim Breyer made his comments at Fortune’s 2018 Global Tech Forum in Guangzhou, China.
Speaking about the recent bear market in the crypto space, Breyer said that these are very tiring times. He added that “we are close to a nuclear winter right now with cryptocurrency.”
The investor, who is a board director with the likes of Walmart and Dell, has made investments in the likes of Goldman Sachs-backed Circle and Ethereum. However, while the crypto market is down now – Bitcoin has dropped 75 percent in 2018 so far – Breyer remains confident in it.
After all, this has happened before with the likes of the dot com bubble in the 90s. Adding on this, he said:
These cycles keep happening every decade or so.
In his opinion, this is “inevitable.” Speaking about why he’s so confident on the blockchain’s ability, he spoke about the people who believe in it.
So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.
For now, though, the crypto market remains down. Yet, if he’s right, as so many others also see happening, the crypto and blockchain world may soon see new heights.
Others who have full faith in the cryptocurrency market include the chair of the New York Stock Exchange. Last month, Jeff Sprecher said in a report that they will survive.
Where Will the Market End 2018?
At the time of publishing, Bitcoin is trading at $3,952, according to CoinMarketCap. Its market value is currently worth $68.7 billion. For many, it seems to be testing the $4,000 support level.
Yet, even though the market has entered the month of December bulls still remain. Tom Lee, co-founder of Fundstrat Global Advisors, is one such example. Even though he revised his previous target, he thinks that Bitcoin can still reach $15,000 by the end of 2018. He initially thought it would hit $25,000.
Considering November was the worst month for Bitcoin, it remains to be seen where the market will be by the end of the year. For now, all the community can do is wait to see where the entering of institutional investors will produce a positive effect on the market.
What do you think the market will be worth by the end of 2018? Let us know in the comments below.
Images courtesy of ShutterStock
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