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In January, Fred Wilson, a smart technology investor and venture capitalist, gave advice in so many words to investors in cryptocurrencies to get out of their positions. As it turned out, those who listened were spared from the cryptic bloodshed that followed. Since January, the global cryptocurrency industry has lost more than 70% of its maximum value in January.
Now, Fred Wilson is also giving investors advice to get back into the game. And not only that, Mr. Wilson It is extremely bullish on Ethereum [ETH] in particular, and believes that the conditions are right to start trying to put some money in the cryptocurrency.
In a recent blog post AVC venture blog, Wilson wrote:
"Bitcoin will form a fund at some point and it's a purchase when it does, but where's that fund? Probably not $ 4,500."
His post was followed shortly with a further reduction in bitcoin prices starting at $ 4,220 (according to Coinmarketcap). Several other cryptocurrency leaders have expressed similar feelings to Wilson's about the possibility of further short-term intervention.
Speaking of Ethereum, however, he was optimistic about the prospects for money in the future. He said
"Ethereum feels like the easiest way to do an avalanche for now, he's hated, everyone has lost his shirt on it now, no one besides developers wants to know, it seems like it's time to start nibbling but not loading it."
Ethereum had the worst year this year. After reaching a peak of $ 1,400 in January, the currency lost more than 90% of its value. Your network hash rate has been in ruins for the past four months, reaching the level of eight months ago. Recent reports have shown that most miners are operating at a loss and many of them may abandon the exercise to obtain a more profitable currency or a closing shop.
Despite the general market sentiment – which is mostly bearish on the short-term outlook of ETH – Wilson believes this is the right time to start looking for signs of a market reversal and position itself for an upward race.
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