World known VC capitalist and businessman Fred Wilson pretty sure the cryptocurrency market will go lower than it expected.
Fred Wilson is the Co-founder of Union Square Ventures, a NY-based VC firm that invested in such popular Web 2.0 IT-companies as Twitter, Tumblr, Kickstarter, Zynga and etc.
In his recent blog, Wilson claims cryptocurrency may follow Amazon’s way, though it’ll has to build value and challenge the tough days which are about to come.
“I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. And I think things will get worse before they get better,” Wilson said.
Wilson also gave a historic example when he was investing in Internet without being certain whether it would profit or not. Twitter’s investor compares the current situation on the cryptocurrency market with investing in Internet back in 1999-2002 when many of Wilson’s friends and colleagues left the sector and never returned.
“It was a brutal period,” Wilson describes the period of 90’s.
In fact, the state of affairs on the crypto market has some similarities with Amazon or other IT giants back in 1990’s.
Earlier, the CEO of Civic (CVC), Vinny Lingham said the world’s biggest cryptocurrency by market cap bitcoin (BTC) may break $100K as soon as it'll break $20K one more time.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.