Home / Ripple / A VC thinks that Bitcoin has surpassed a major milestone this year

A VC thinks that Bitcoin has surpassed a major milestone this year

<div _ngcontent-c14 = "" innerhtml = "

Bitcoin has had a couple of difficult weeks, on top of a terrible year that has seen about 80% of its value lose from its historical maximum 12 months ago.

While many are worried about bitcoin and many other great cryptocurrencies like Ripple's XRP and etereumnow he could be dead in the water, others are confident this is just another blip in the long bitcoin saga.

Now, the managing partner of Dragonfly Capital Partners, a venture capital company focused on cryptography, has claimed to believe that bitcoin has gone through an important milestone this year, with the possibility of coming to zero almost non-existent.

Bitcoin bulls are struggling with bears to control the market that has been stuck in a downtrend for the whole year.Getty

Bitcoin has declined dramatically since it peaked at nearly $ 20,000 at the end of 2017, collapsing to annual lows by around $ 3,150 at the start of this month after a chaotic couple of weeks e asking many to try and call a fund to the turbulent market.

"Bitcoin could go down as low as $ 2000 or even $ 1,000, but not $ 0," said Alex Pack, former fund manager at Bain Capital Ventures. "And this is a milestone for a good thing.

"For something like the bitcoin, which is a landmark in the history of money, it has become a more reliable repository of value," Pack added. "People who buy and use must have the certainty that it will not go to zero."

While the market for bitcoins and larger cryptocurrencies has lost value, investors have been frightened by & nbsp;slow adoption & nbsp; between retailers and consumers, delays to & nbsp; long-awaited institutional investments and & nbsp; the ever-present threat of stricter regulation.

The bitcoin price rose last week after heavy sell-offs in November and early December.CoinDesk

Bitcoin has rebounded in the last week, rising above the $ 4,000 psychological brand. Some market observers think this rally will not last, however.

But Peck said that thanks to the developments seen in 2018, sspecific interest for bitcoin futures from Nasdaq and New York Stock Exchangeand the interest generated by the bitcoin epic bull managed last year, its "trust has never been higher."

"In 2014, there was a much smaller group of investors – Bitcoin and Crypto were still very niche, which caused a lot of uncertainty," Pack said. & Nbsp; "The question now is" how long will this bear market last? "The death cries seem much softer than previous push-ups and the people involved now have more patience and we think we'll be able to overcome the storm."

The bitcoin bear market has dragged itself all year after a massive bull run in 2017.CoinDesk

In October it was revealed that Dragonfly Capital Partners raised $ 100 million for its inaugural fund to be invested in cript startups.

Pack, together with the venture capital veteran Bo Feng, is trying to invest in three types of assets: crypto-native funds that want to become the next asset management dynasties for the crypt-asset class; protocols and applications that will form the foundation of the decentralized economy; and pick-and-sweep technological start-ups that build bridges between decentralized and centralized worlds.

Dragonfly investors include the OKEx cryptocurrency exchange and the Bitmain mining cryptocurrency equipment manufacturer, both based in Beijing. The fluctuating Bitmain stock market has long been questioned in recent weeks, casting a shadow over the entire industry.

Pack is worried about the United States and Europe may lag behind global development due to heavy regulation. Dragonfly plans to connect Western technology development with the demand for cryptographic and blockchain services in Asia and the developing world.

"Much of the infrastructure and technology is under construction in the West, but most of the user base is in Asia, they are China, Hong Kong and Japan where the most compelling cases of use can be found. It would be difficult to implement many of these new and exciting things in the West, "Pack said.

"The development of Crypto moves so quickly, and at a significantly faster rate than the Internet, for example, which may take five years to develop the Internet, it can happen in about two years in a crypto.

"The United States risks losing the giant technological crown in Asia and time is running out, I would say it is only a year or two until it happens."

"Fast-moving internet companies like Facebook love asking for forgiveness, not permission, it's much harder for cryptographic companies to do that."

">

Bitcoin has had some difficult weeks, overcoming a terrible year that has seen about 80% of its value lose from its historical peak 12 months ago.

While many are worried that bitcoins – as well as many other large cryptocurrencies like the Ripple and the ethereum XRP – may now be dead in the water, others are sure that this is just another blip in the long run saga of the bitcoins.

Now, the managing partner of Dragonfly Capital Partners, a crypto-focused venture capital firm, said it felt bitcoin had crossed a major milestone this year, with the possibility of coming to zero almost non-existent.

Bitcoin bulls are struggling with bears to control the market that has been stuck in a downtrend for the whole year.Getty

Bitcoin has declined dramatically since it peaked at nearly $ 20,000 at the end of 2017, plummeting to annual lows of about $ 3,150 at the start of this month, following some chaotic weeks and prompting many to try and call a fund to the turbulent market.

"Bitcoin could fall as low as $ 2000 or even $ 1,000, but not $ 0," said Alex Pack, former Bain Capital Ventures fund manager. "And this is a milestone for a good thing.

"For something like bitcoin, which is a benchmark in the history of money, it has become a more reliable repository of value," added Pack. "People who buy and use must have the certainty that it will not go away."

As the bitcoin and cryptocurrencies market has declined, investors have worried about the slow adoption of retailers and consumers, delays on long-awaited institutional investments and the omnipresent threat of more stringent regulation.

The bitcoin price rose last week after heavy sell-offs in November and early December.CoinDesk

Bitcoin rebounded last week, rising above the $ 4,000 psychological brand. Some market observers think this rally will not last, however.

But Peck said that thanks to developments in 2018, in particular the interest in bitcoins futures from Nasdaq and the New York Stock Exchange, and the interest generated by the epic bitcoin race of the past year , his "trust has never been higher".

"In 2014, there was a much smaller group of investors: Bitcoin and Crypto were still very niche, which caused a lot of uncertainty," said Pack. "The question now is" how long will this bear market last? ? "The death cries seem much softer than previous recessions and the people involved now have more patience, we think we will be able to overcome the storm".

The bitcoin bear market has dragged itself all year after a massive bull run in 2017.CoinDesk

In October it was revealed that Dragonfly Capital Partners raised $ 100 million for its inaugural fund to be invested in cript startups.

Pack, together with the venture capital veteran Bo Feng, is trying to invest in three types of assets: crypto-native funds that want to become the next asset management dynasties for the crypt-asset class; protocols and applications that will form the foundation of the decentralized economy; and pick-and-sweep technological start-ups that build bridges between decentralized and centralized worlds.

Dragonfly investors include the OKEx cryptocurrency swap and the Bitmain cryptocurrency extraction equipment manufacturer, both based in Beijing. The fluctuating Bitmain stock market has long been questioned in recent weeks, casting a shadow over the entire industry.

Pack is concerned that the United States and Europe may lag behind global development due to massive regulation. Dragonfly plans to connect Western technology development with the demand for cryptographic and blockchain services in Asia and the developing world.

"Most of the infrastructure and technology are under construction in the West, but most of the user base is in Asia, they are China, Hong Kong and Japan where it is possible to find the most interesting use cases and it would be difficult to implement a lot of these new, exciting things in the West, "said Pack.

"Crypto's development moves so fast and at a significantly faster Internet speed, for example, which may take five years to develop the Internet, it can happen in about two years in a crypto.

"The United States runs the risk of losing the crown of the technological giant in Asia and the clock is ticking: I would say that there are only one or two years until this happens".

"Fast-moving internet companies like Facebook love asking for forgiveness, not permission, it's much harder for cryptographic companies to do this."

Source link