Venture capitalists: The coronavirus crisis will prove the value of Bitcoin and crypto
No market has been spared in the midst of the corona virus crisis, not even crypto technology. Since then 10 . 500 – Dollar high from mid-February is the Bitcoin price plummeted and suffered similar losses to stocks and commodities (especially oil).
It is worrying that an economic recovery that optimists had hoped for is unlikely. But this is exactly where crypto begins to stand out from the rest of the economy: According to a number of prominent investors and analysts, the fundamentals and intrinsic value of cryptocurrencies are only strengthened by this crisis, despite the falling prices of Bitcoin, Ethereum and other digital currencies.
This ongoing crisis could dramatically help cryptocurrencies, says top investor
In a recent Twitter thread, Placeholder Ventures partner Chris Burniske, the analyst who coined the term “crypto assets”, recently noted that this crisis “will pass and learn the basics of crypto.” they are strengthened ”.
Burniske emphasized that “new technologies are emerging as old systems break and that a crisis is often required to fully reveal the shortcomings of the old system.”
10 / Most importantly, I hope everyone is staying as well as possible. While the future weeks are full of uncertainty, I know that eventually, this virus will pass, and # crypto’s fundamentals will have strengthened through it.
– Chris Burniske (@cburniske) March 21, 2020
In fact, Raoul Pal, a former managing director of Goldman Sachs and CEO of Real Vision, recently “could not express how optimistic [er] Bitcoin is” by saying that “any trust” in the “whole System ”has been lost.
Galaxy Digital CEO Michael Novogratz followed this example. In an interview with CNBC on Tuesday, he explained that “this is the time for Bitcoin” and quoted the unprecedented, what you might call, “broken” monetary and fiscal response to the crisis:
“If ever there was a time – devaluation of fiat currencies, monetization of trillions of dollars in debt, this is the time for Bitcoin”.
Proof of text: cryptoslate
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