HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Quitting Crypto Now is Akin to Selling Amazon in 2003: Analyst

Crypto 2019/11/30 13:00 by Nick Chong

There is no doubt that the crypto industry hasn’t been doing too hot over recent months.

Since topping in June, Bitcoin (BTC) has collapsed by over 40%, falling from $14,000 to $7,800, where the cryptocurrency sits as of the time of writing this. This price collapse has been marked by a capitulation in investors and other industry participants, with many throwing in the towel as they believe that Bitcoin’s price qualms are a sign that the future of blockchain and cryptocurrency remains in disarray.

Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”

A former partner at Indus Capital and Goldman Sachs, however, believes that this harrowing sentiment is irrational, quipping that quitting crypto now is ” akin to selling Alibaba and other internet startups in 2000-2003.”

Don’t Quit Crypto, Analyst Asserts

A partner of The Spartan Group, a blockchain advisory and investment firm, recently released an extensive Twitter thread regarding their latest thoughts on the crypto industry.

The thesis of the individual, who goes by “SpartanBlack” on Twitter, is that there is a growing sense of despondency spreading amongst industry members, and is “putting crypto’s long-term growth” trajectory at risk.

Indeed, he went on to explain that there are clear reasons for the pessimism spreading among the market: 1) despite 10 years of development, people within Bitcoin and cryptocurrency are still waiting on the “killer app that brings the industry and technology mainstream; and 2) funding for blockchain startups has collapsed due to a confluence of factors.

Related Reading: Going to Talk Bitcoin at Thanksgiving? Here’s a Good Strategy

Although what Spartan said may induce anxiety in investors, the analyst asserted that what is going on is healthy and that there remains an opportunity for much growth in crypto.

“Many projects are either dead or dying a slow death… This is the law of natural selection and is a healthy development. Investors now play a critical role in identifying who will be the long term winners. Our job is to find the Amazon and Alibaba of crypto out of the wreckage, rather than write-off the whole industry,” Spartan wrote in a seeming bid to reassure his followers.

Spartan continued by likening the current state of the crypto industry to that of the Dotcom industry in the wake of the blow-off top seen at the turn of the millennia, during which Internet stocks shed a majority of their value, projects died, and funding from external entities neared zero.

Should history repeat, the next cycle of innovation, which the analyst claimed will be driven by institutional investors looking to implement crypto into their portfolios, will identify killer use cases for this industry at long last.

Related Reading: Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600
Featured Image from Shutterstock

The post Quitting Crypto Now is Akin to Selling Amazon in 2003: Analyst appeared first on NewsBTC.

0 Like(s)



You should also read...

Bitcoin 20/11/19 21:00 by davitbabayan
Bitcoin Price to Touch $4.2K After Q4 Sell-Off, Analyst Calls
A popular technical analyst believes that benchmark cryptocurrency Bitcoin would continue its decline for the remainder of this year. Twitter analyst Bitcoin Jack (BJ) on Tuesday said bitcoin is test...
Read More
Bitcoin 21/11/19 00:55 by Kevin Helms
Paypal CEO Admits He Owns Bitcoin
The CEO of Paypal, Daniel Schulman, has revealed in an interview that he personally owns bitcoin. He also talked about Paypal’s plans regarding cryptocurrency, how to achieve mass adoption, and ...
Read More
Crypto 21/11/19 14:42 by Bitcoin PR Buzz
African-based Cryptocurrency CREDIT is Thriving in Emerging Markets
African based blockchain project Terra recently celebrated the first anniversary of Credit (CREDIT) block production. Credit is a decentralized proof of stake cryptocurrency that is simple to mine an...
Read More
Altcoins 29/11/19 03:50 by Kai Sedgwick
Is Plustoken to Blame for Bitcoin’s Sell-Off?
Armchair theorists love postulating the reasons behind bitcoin’s latest price rise or sell-off. From China FUD to exchange hacks, anything and everything is fair game for blame. Plustoken is the...
Read More
Bitcoin 02/12/19 13:00 by Nick Chong
Under 6.8m Bitcoin Changed Hands in the Past Year: Does it Indicate Positive Sentiment?
One of the many beauties of Bitcoin is that the blockchain backing it is simultaneously pseudonymous and transparent, meaning that you can look into, say, the number of BTC in existence but not know w...
Read More