A good number of people have forecasted that “soon” all the cryptocurrencies will dissapear, from the time Bitcoin emerged. Cryptocurrencies’ developments have been likened to world-wide events like tulipmania, the 1929 stock market crash and the dotcom bubble. The industry, however, continues to entice new investors even with the recent fall in crypto prices.
On this occasion, Yoni Assia, CEO of trading platform eToro, has picked up the dotcom bubble illustration. Assia has, however, chosen another path rather than opposing the tehnology. Assia said, in an interview, he had with Bloomberg, that 90% of the crypto startups will “end as nothing” even though he feels these startups have a bigger platform than the ones in the dotcom bubble.
A lot of people invested in “.com” companies which were most at times created without proper business models from 1995 to 2000. These days, people can develop new ideas that can be documented on a whitepaper for the whole world to read. Due to the fact that these technlogies are creative, rich people invest in initial coin offerings (ICOs). Regardless, if 1,000 of them come up with $10,000 each, the whole project can amount to $10 million in a limited period of time. For example, the web browser Brave raised $35 million in less than 30 seconds in 2017.
Assia later outlined that blockchain seems to be as transformative as the internet was before. “Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is a similar scenario but earlier in the cycle,” said Assia.
Apple’s stock greatly increased following the introduction of iPods, iBook and the improvement of the Mac OS between 2001 to 2005. Investing in crypto is a choice people need to make on their own, said Assia.
“My long-term view of selling crypto now is like selling Apple in 2001,” said Assia, “You do it if you have to do it, you don’t do it if you don’t have to do it.”
He later concluded by saying that once a person comes across blockchain technology, he/she wants the whole world to use it.