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The investor millionaire and venture capitalist Jim Breyer said that despite a prolonged "nuclear winter" cryptography, he still believes that the promise offered by technology is too great to be permanently buried by short-term market movements.
Speaking at the Fortune Global Tech Forum in 2018 in Guangzhou, China, Breyer noted that while they are testing the times for the encrypted investment space, these periods occur in cycles and the current cycle will end.
In one session of the event, Breyer – who invested in Ethereum and VeChain, as well as in the circle of startups – referred to the current market situation as an inevitable part of a market process that takes place at the same time. about once every ten years. According to him, despite the turbulence associated with cryptographic resources, blockchain technology has reached a critical mass of mainstream research and adoption, which means that a future crypto-market will rebound almost at some point in the future.
Calm amid the carnage
CCN has recently reported that the falling prices of all major currencies have severely affected the extraction of cryptocurrencies, creating a situation where it is no longer a profitable business for many small and large miners. Bitcoin's market leader has recently fallen to a minimum of 13 months, with the total cryptography market currently worth only $ 140 billion – a fifth of its value in January 2018 – at the time of printing.
The carnage has significantly affected several stakeholders in the cryptocurrency ecosystem, from investors to traders and start-ups, including Mike Novogratz's Galaxy Capital, which recently reported a loss of $ 41 million for Q3 2018, bringing the total losses of the year to 136 million dollars.
In the midst of ruin and darkness, however, Breyer says he is not surprised. Based on his experience as a venture capitalist – including notably becoming a Facebook investor in 2005 – he believes the cryptography market rebounds, driven primarily by the growing adoption of blockchain technology. According to him, his many meetings with students, entrepreneurs and technologists all over the world are what convince him that the crisis will be temporary.
In his words:
"So many of the best computer scientists and deep-rooted Ph.D. students and post-docs 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."
Coming from a personality with the level of Breyer experience and the intuition of successful investment in artificial intelligence (AI) and human intelligence (HAI), the statement will come as a small impulse of trust to market participants, as another traditional voice lent their support to cryptocurrency and blockchain technology following recent comments by Overstock CEO Patrick Byrne, who describe blockchain technology as "greater potential than any other what has never been seen in history ".
Featured image of JD Lasica / Flickr
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