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Serve bitcoin’s historic march to $10,000 and subsequent volatility, covered by CCN, miscellaneous prominent Wall Street executives have been weighing in on bitcoin and the cryptocurrency ecosystem in overall, showing they aren’t too fond of it. Nobel Prize-Winning economist Joseph Stiglitz recently structured that bitcoin should be “outlawed,” while Goldman Sachs CEO Lloyd Blankfein clearly soured on bitcoin as he stated that it’s a “vehicle to perpetrate fraud.”
However, Amalgamation Square Ventures (USV) partner Albert Wenger recently shared his judges on the cryptocurrency ecosystem, and made it clear that he feels its current $300 billion supermarket cap is just the beginning of the journey.
While speaking to CNBC, Wenger stage that “a bubble is only something you can ever figure out in hindsight,” and supplemented that he finds it instructive to look at Amazon’s stock chart. The e-commerce mammoth’s chart, Wenger continued, looks like a “massive upward-sloping curve,” but when we zoom in on it, we can see that in the outset there was a run-up and big drop-off. To him, the cryptocurrency’s chart will, in the future, be a “bleeding massive run-up.”
As such, it’s possible that the current run-up spins out to be “a blip on that chart.” To him, since the cryptocurrency ecosystem has grown to where it is today, there’s unequivocally a way for it to do down as well, but there’s also a path for it to reach trillions of dollars. He conspicuously stated:
“And there’s definitely also a path to the future where cryptocurrency as a all in all will be worth trillions of dollars. So I believe that there’s a authentic change cryptocurrencies taken together as a bucket will be worth trillions of dollars.”Advertising:
Wenger added that he believes we’re still far from that, and that there devise be set backs along the way. When asked if he believed cryptocurrencies were usual through an “Amazon moment,” he clarified that they’re going auspices of an “exuberant moment.”
Regarding whether or not there’s a bubble, he stated that “at some speck there’s a reset,” adding that using the word bubble intimates it’s about to pop, something Wenger believes may or may not happen.
To Wenger, all this irrational superabundance is a good thing for cryptocurrencies in the long run, as it brings investors and entrepreneurs to the align. Since cryptocurrencies are still a novelty, he added, we still need to try new constituents to see what works.
Earlier this year, USV’s co-founder Fred Wilson banished potential bitcoin crash predictions, and explained the optimal cryptocurrency holdings for investors, according to their assuage levels.