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As reported by Ethereum World News, at the end of October, while the bitcoin (BTC) was stagnating and volatility continued to dissipate, Arthur Hayes, a stock market trader who became CEO of BitMEX, compared the stormy conditions of 2018 to the "nuclear bear market" "of 2014/2015. while talking to Yahoo Finance UK
While Hayes was quickly put on his back foot, seeing flak-laden ships fly away because of his (somewhat) inflammatory comment, another industry-leading insider recently supported the comments of the BitMEX CEO. This support, which came indirectly, took the form of a similar commentary on the state of the cryptosphere.
Watch out for Crypto's nuclear winter
Speaking at the Global Tech Forum 2018, a fortune-sponsored conference hosted in Guangzhou, China, Jim Breyer, one of the first supporters of Facebook, Circle, Ethereum (ETH), VeChain (VET) and others, said that "we are close to a nuclear winter right now with cryptocurrency ".
As noted by The Ledger of Fortune, the column dedicated to the crypt and the blockchain, the venture capital giant Breyer, who created a fund that shares his surname, drew attention to the bubbles of a dozen dollars in child markets. The tumultuous interest in artificial intelligence and related technologies, or the increase and subsequent collapse of the (original) Dotcom industry, are just two examples that the Facebook angel investor has He stressed.
Expressing the reason why these historical events are pertinent, Breyer noted that such cycles in the realm of technology are "inevitable", evidently indicating that the rise to the prominence of the blockchain could have a similar "boom and bust" pattern.
Do not be afraid, the bulls are still here
Although Breyer's comments undoubtedly represented a bearish picture for short-term cryptography, optimists would be negligent to count the sentiment held by zealous believers of this innovative innovation.
For a handful of previous Ethereum World News reports, a multitude of industry insiders, who hold / hold high positions in the cryptosphere, have taken a double step forward in promoting their faith for cryptocurrencies and blockchain technologies.
Morgan Creek Digital partner Anthony Pompliano, for example, recently took part in the CNBC Squawk Box, a television segment attended by over 100,000 consumers, to state that Bitcoin (BTC), presumably the safest transaction transaction level in the world. it will always have a certain value. Subsequently, Pompliano noted that the crypto assets in general remain the most profitable asset class of the decade, despite the launches and the turns seen commonly in this market.
His colleague and boss, Mark Yusko also of Morgan Creek, took to CNBC's Fast Money a few days later to publicize such a confident sentiment. More specifically, Yusko, far from the average Silicon Valley investor, said he "loves long-term Bitcoin, adding that the monumental growth observed in the volumes of the cryptographic market is only a testimony to the growth of this sector.
Even the managing director of the Intercontinental Exchange, which controls the New York stock exchanges, has had positive comments on the matter. The legend in the financial world has stated that he, along with his wife, CEO of Bakkt, are unequivocally sure that the cryptocurrencies will survive, before adding that the market conditions have not bothered his wife's faith.
And, of course, Breyer himself also took to the side of Bitcoin, presumably to make sure his "winter crypto-nuclear" were not taken out of context. He released the following commentary that emphasized his support for this innovation, praised as the biggest since the first Internet iteration (PCP / IP):
So many of the best computer scientists and in-depth post-doc research doctoral students are working on blockchain because they have so much fundamental interest in what blockchain means … You do not want to bet against the best and brightest in the world.
Title Image Courtesy of Roan Lavery on Unsplash
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