According to Benedict Evans who is in the daily cryptocurrency news today, the crypto adoption is here and it is present. The general partner at Andreessen Horowitz (A16Z) which is one of the most successful venture capital firms did not hesitate to show his stance towards the adoption of Bitcoin and other assets.
As he said, the crypto space has seen a large number of failed projects and scams over the past several years. However, if investors focus on the failed projects and fraudulent operations in the growing sector, it would be like dismissing the the internet in 1999 based on the lack of progress of projects such as Usenet, Cuecat and Boo.com.
As Evans noted:
Crypto today has a lot in common with both the internet in 1993 and the internet in 1999. Huge potential with few of the use cases invented yet, combined with froth, scams and delusion. This makes it easier to dismiss (“useless AND a scam!”).
— Benedict Evans (@benedictevans) October 29, 2018
Previously, Ben Horowitz, who is a VC investor and the co-founder of A16Z, also pointed out to the deceptive aspects of emerging technologies like crypto – stating that in the beginning, they seem significantly inferior to existing technologies.
However, it is their discrepancy in efficiency and practicality that makes it easier to dismiss the newly created technologies on the premise that they are dominated scams. Evans, however, explained that as the market matures, there will be more and more mainstream use cases and technologies adopted by projects in the sector.
“Looking at crypto and only seeing the scams is like looking at the internet in 1999 and only seeing the bubble. Looking at crypto and seeing no use cases is like looking at the internet in 1993, when the web was 3% of traffic,” he concluded.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
Tech Giant Kakao May Introduce Millions Of People To Crypto
Join us on Facebook
- Facebook Is Looking For Senior Lawyer With Blockchain (Payments) Experience
- JPMorgan Execs Seem Bullish On Crypto Following JPM Coin’s Release
- Bitcoin Is Close To $4,100 As Tokens Gain 20%
- Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
- Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Bitcoin News5 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Bitcoin News4 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Blockchain News3 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
Blockchain News3 days ago
Winklevoss: Crypto Will Bring Something Better Than The Social Networking Era
Blockchain News3 days ago
Australia Unveils National Blockchain Strategy Roadmap With A $71,200 Funding Boost
Blockchain News4 days ago
Coinbase Pro Announces New Market Structure, Increases Fees In The Process
Blockchain News2 days ago
Binance Launched Completes Another Successful Token Sale Of Celer Network