An American venture capitalist, Jim Breyer warns about “crypto nuclear winter”. At Fortune’s 2018 Global Tech Forum in China, Breyer billionaire investor talked about the market repetition and said ‘’This seasonality is’, stating it is “inevitable”.
Despite a rough year in crypto, Breyer believes that the decentralized market is more likely to enter into “nuclear winter” showing his intense interest in the technology. While he also cautions investors, stating that the ‘near future will be a slog for investors’. With Breyer, the panel was occupied by the directors and members of notable companies including Dell, Walmart, and Blackstone.
The buoyancy of Breyer on such sagging market is not the first of its kind, previously he has strongly believed on the future of Facebook in 2005 and eventually its shares evidently rose up. Interestingly, he was the first institutional investor believing and investing in Facebook. Moreover, he was also very optimistic about the AI technology when slumps in artificial intelligence were likely to continue but his bet proved to be a “well-documented phenomena”.
Bitcoin, the rank 1 cryptocurrency by market cap is currently bobbing around $3900 and $4000 with a market cap $68,815,626,764. The position of other cryptocurrencies seems static since two days with a slight change in the position of Tether, Bitcoin SV and Cardano. Tether overtook Bitcoin SV and Cardano. Tether currently stand on the eighth position with market cap $1,838,096,877.
These highs and lows are periodic and will keep happening.
Furthermore, Breyer highlighted the increasing interest of deep learning Ph.D. students and computer scientists towards the disruptive technology. He said that
“they have so much fundamental interest in what blockchain can mean’.
Hopefully, the winter gets over by the end of December 2018. Do you think crypto enthusiast can confidently welcome crypto summer soon. Do you expect the crypto market will rebind to the upsurge graph? Let’s discuss
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com