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As reported by Ethereum World News, in late-October, as Bitcoin (BTC) stagnated and volatility continued to dissipate, Arthur Hayes, an equity markets trader turned CEO of BitMEX, likened 2018’s stormy conditions to 2014/2015’s “nuclear bear market,” while speaking with Yahoo Finance U.K.
While Hayes was quickly put on the back foot, seeing boatloads of flak fly his way due to his (somewhat) inflammatory comment, another prominent industry insider recently backed the BitMEX CEO’s comments. This support, which came indirectly, took the form of a similar comment on the status of the cryptosphere.
Beware Of The Crypto Nuclear Winter
Speaking at Global Tech Forum 2018, a Fortune-sponsored conference hosted in Guangzhou, China, Jim Breyer, an early backer of Facebook, Circle, Ethereum (ETH), VeChain (VET), and others, claimed that “we are close to a nuclear winter right now with cryptocurrency.”
As noted by Fortune’s The Ledger, the outlet’s dedicated crypto- and blockchain-related column, venture capital giant Breyer, who created a fund that shares his surname, drew attention to the ‘dime a dozen’ bubbles seen in infant markets. The tumultuous interest in artificial intelligence and related technologies, or the rise and subsequent crash of the (original) Dotcom industry, are just two examples that the Facebook angel investor pointed out.
Expressing why these historical events are pertinent, Breyer noted that such cycles in the realm of technology are “inevitable,” evidently indicating that blockchain’s rise to prominence may experience a similar pattern of “boom and bust.”
Have No Fear, Bulls Are Still Here
Although Breyer’s comments undoubtedly painted a bearish picture for crypto’s short-term, optimists would be remiss to count out sentiment held by the zealous believers of this ground-breaking innovation.
Per a handful of previous reports from Ethereum World News, a multitude of industry insiders, who hold/held lofty positions in the cryptosphere, have double-downed on touting their faith for cryptocurrencies and blockchain technologies.
Morgan Creek Digital partner Anthony Pompliano, for one, recently took to CNBC’s Squawk Box, a television segment watched by over 100,000 consumers, to claim that Bitcoin (BTC), supposedly the world’s most secure transaction settlement layer. will always hold some value. Pompliano subsequently noted that crypto assets at large remain the decade’s most profitable asset class, despite the tossing and turning seen commonly in this market.
His colleague and boss, Mark Yusko also of Morgan Creek, took to CNBC’s Fast Money just days later to tout similar bullish sentiment. More specifically, Yusko, far from the average Silicon Valley investor, expressed that he “loves Bitcoin for the long-term, adding that the monumental rise seen in the crypto market’s volumes are just a testament to this industry’s growth.
Even the CEO of the Intercontinental Exchange, who watches over the New York Stock Exchanges, had positive comments to say on the matter. The legend in the financial world stated that he, along with his wife, CEO of Bakkt, are unequivocally sure that cryptocurrencies will survive, before adding that market conditions haven’t irked his or his wife’s faith.
And, of course, Breyer himself also took to Bitcoin’s side, presumably to ensure that his “crypto nuclear winter” comments weren’t taken out of context. He issued the following comment that accentuated his support for this innovation, lauded as the greatest since the Internet’s first iteration (PCP/IP):
So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean… You don’t want to bet against the best and brightest in the world.
Title Image Courtesy of Roan Lavery on Unsplash
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