The founder and CEO of the trading platform eToro is recently in the news for stating something that many investors and analysts think – and expressing his confidence in cryptocurrencies.
Despite the recent fall in crypto prices, the industry continues to attract new investors. Yoni Assia of eToro has picked up the dotcom bubble analogy and linked crypto to Apple back in the day.
In an interview with Bloomberg, the CEO of eToro said that 90% of the crypto startups will “end as nothing” but they eventually have a bigger platform than the ones in the dotcom bubble.
As he pointed out, the state of cryptocurrencies for investing right now can be compared to the period between 1995 and 2000, when people invested heavily in “.com” companies which were formed without proper business models. Now, investors invest in initial coin offerings (ICOs) and even if 1,000 of them contribute $10,000 individually, the entire project can raise $10 million in a short amount of time.
Assia also explained that blockchain appears transformative right now, stating that “Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle.”
As he thinks:
“My long-term view is selling crypto now is like selling Apple in 2001,” said Assia, “You do it if you have to do it, you don’t do it if you don’t have to do it”.
Assia wrapped up the topic by saying that once someone learns about blockchain, they will believe in it and want the entire world to use it. According to him, this is what will be happening in the near future in many industries.
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