Since Bitcoin’s appearance in 2009, many investors and economic analysts have said that the crypto market will soon collapse. Others compare the trends of digital currencies with world events, such as the stock market crash in 1929 or the euphoria in the IT sector in 1995-2001. Despite the turbulent moods, the cryptographic industry continues to attract new investors.
This time, Yoni Assia, director and creator of the eToro trading platform, shared his opinion, stating in an interview for the Bloomberg news agency:
“My long-term view is selling crypto now is like selling Apple in 2001”. “In the long term, I find that cryptovalent sales are now like Apple’s sales in 2001.
According to Yoni Assia, a comparison of the crypt market behaviour and that of the IT sector during the dotcom bubble was presented. In the interview he said that 90% of startups related to cryptography will not be successful, but he added that today’s startups have more room for manoeuvre than those in 2000.
Between 1995 and 2000, investors were forced to invest their funds in “.com” companies, which often lacked appropriate business models. Today, companies associated with cryptosalites can present their action plan in a specially prepared document – whitepaper.
eToro’s CEO stressed that blockchain seems to be developing as much as the Internet. He pointed out that when someone learned about blockchain technology, he wanted the whole world to use it. It is therefore right that blockchain should provide transparency and decentralisation, which, when implemented in the medical and engineering industries and election systems, can solve many of the problems. Blockchain’s attorneys are working day and night to improve the technology to turn these ideas into reality somewhere in the near future. Until then, we have to wait and see which cryptographic companies will be worth the investment.