Cryptocurrency venture capitalist Chris Burniske believes the masses have “entirely forgotten” about digital assets, with his comments coming on the back of a prolonged bear market. Now, seasoned traders, institutional investors, and technological experts are leaving the crypto arena.

Goodbye Bitcoin

A year after Bitcoin was priced at $20,000 on some exchanges and the cryptocurrency market cap crossed $800 billion, crypto-evangelists are feeling the brunt of an over-bullish, highly-speculative, and hyped market. Many made predictions of a $50,000 bitcoin at the end of 2018, only to watch plunging valuations of bitcoin and all crypto-assets, alongside comments from skeptics about being right all along.

Related: Bitcoin’s Latest Buying Streak Could Mean a Rise in Prices

The hype saw first-time traders enter the markets with traditional investors searching for the next Amazon stock. But, the short-lived bull run drew up extreme discrepancies in the broader cryptocurrency market, starting with the lack of robust product development and usage, absence of fundamental adoption, and over-priced tokens.

Burniske, who runs crypto-investment and advisory fund Placeholder VC, took to Twitter to express his recent interactions with people initially interested in cryptocurrencies but losing favor since.

He notes “decision makers,” presumably referring to governments and regulatory watchdogs, have begun to gain a basic understanding of the crypto space. Yet, a majority of the populace finds no use for digital assets and have forgotten the disruption, including those who bought in December 2017 and are left with a “bad taste in their mouth.”

Burniske points out development in the cryptocurrency space is comparable to the aftermath of the bitcoin crash in 2015, which saw the pioneering coin drop from over $1,000 to under $200 from December 2014 to January 2015. At the time, unfazed developers and engineers continued to build their iterations of the decentralized economy, leading to technological growth in the blockchain and crypto space untethered to synchronized price action.

Meanwhile, Reddit users seem to agree with Burniske’s claims on the masses forgetting cryptocurrencies. A thread posted on Jan. 5 asked users about their understanding and opinion of Bitcoin, revealing much of the public outside r/cryptocurrency and r/bitcoin remains oblivious to the developments taking place.

One Reddit user called out the salesmen-like tactics of Bitcoin evangelists trying to persuade others to purchase crypto-assets; mostly via discussing price or privacy benefits of using the cryptocurrency, instead of explaining the technical prowess of the underlying network. Others expressed concerns over the volatile nature of cryptocurrencies and a lack of underlying assets to back the network as reasons that dissuade them from purchasing digital tokens.

Other Redditors hold the belief that blockchain technology and cryptocurrencies such as Ethereum will be a “massive thing going forward.” However, most commentators sided with the developments being a “high-risk” investment, regardless of the future significance of the technology.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Did you like this article? Join us.

Get blockchain news and crypto insights.

Join Us on Telegram

http://platform.twitter.com/widgets.js(function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(d.getElementById(id))return;js=d.createElement(s);js.id=id;js.src=’https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.0&appId=234853770649189&autoLogAppEvents=1′;fjs.parentNode.insertBefore(js,fjs);}(document,’script’,’facebook-jssdk’));


Source link