Following the historic march of Bitcoin up to $ 10,000 and subsequent volatility, covered by CCN, several prominent leaders of Wall Street have weighed in on bitcoin and the ecosystem of cryptocurrency in general, showing that they do not like it too much. Joseph Stiglitz, Nobel Prize-winning economist, recently said that Bitcoin should be "outlawed," while Goldman Sachs CEO Lloyd Blankfein apparently cheated on bitcoin claiming that it was "bad". 39 "a vehicle for fraud"
However, Union Square Ventures (USV) partner, Albert Wenger, recently shared his perspective on the cryptocurrency ecosystem and made it clear that his current market capitalization of 300 billion dollars is only the beginning of the trip.
While talking to CNBC, Wenger said that "a bubble is only something you can ever understand in hindsight," and added that he finds it instructive to look at the stock market chart. # 39; Amazon. The graphic of the electronic commerce giant, Wenger continued, looks like a "massive upward curve", but when you look at it, you can see that at the beginning there was an acceleration and a big drop. For him, the graph of the cryptocurrency will, in the future, a "very close".
As such, it is possible that the current climax is proving to be "a peak on this graph". For him, since the ecosystem of cryptocurrency has evolved like today, there is certainly way to do it too, but there is also a way to reach billions of dollars. He stated:
"And there is certainly also a way to the future where cryptocurrency as a whole will be worth billions of dollars.So, I believe that there is a good change of Cryptocurrencies taken together as a bucket will be worth billions of dollars. "
Wenger added that he believes we are still far from that, and that there will be setbacks along the way. When asked if he believed that cryptocurrencies were going through a "moment of the Amazon", he said that they were going through an "exuberant moment".
As to whether or not there is a bubble, he stated that "at some point there is a reset," adding that the use of the word bubble implies that He is about to jump, something that Wenger believes may or may not.
For Wenger, all this irrational exuberance is a good thing for long-term cryptocurrencies, as it brings investors and entrepreneurs to the space. Since cryptocurrencies are still new, he added, we still have to try new things to see what works.
Earlier this year, USV co-founder Fred Wilson dismissed potential predictions of a bitcoin crash, and explained the optimal cryptocurrency holdings for investors, based on their comfort level.