Roger Ver’s latest business interview on cryptocurrencies revealed his continued commitment to these digital assets despite the 80% value loss that the non-fiat currencies have achieved in the past few weeks.
To a question on the “fall” of the crypto market, Ver’s repartee was telling,
“Uncertainty of cryptocurrencies is what makes them exciting. Nobody knows, and I think that’s the interesting thing about cryptocurrencies. Nobody knows whether it’s going up, down or sideways.”
In a Bloomberg Europe interview, the master coin-ist proved yet again why he remains excited about the prospects of cryptocurrencies in the days ahead. He shared his insight that the current market correction and the ensuing value drop are happenings of the short term. In the long run, blockchain based cryptocurrencies will remain sustainable alternatives and even mainstream transactional products given the immense volume of trust and approach of developers and investors alike in these decentralized new age technologies.
At the same time, he touched upon the negative aspect of crypto-based frauds and scams as the side-effects of the popularity of these currencies among mainstream users. In his view, the high incidence of scams was an indication that cryptocurrencies are now seen as assets of value and their possession important for transactional purposes. Thus, this would in the long term lead to their adoption of these non-fiats for common transactions.
At the same time, despite the de-acceleration in the industry, there is an influx in the number of big and wealthy investors he shared. Institutional investors are now interested in these new age assets as a means to redistribute their captive wealth and remain in the reckoning when and if the non-fiat currency establishes their supremacy in the mainstream.
“If hackers are trying to hack it, means that there’s something valuable in crypto, and this sends bullish signs that crypto is here to stay.”
Hacking, cryptocurrency scams, and other illegal activities such as crypto-jacking, stealing from hot wallets when coins are held in storage when viewed in a positive light are indicators that these assets are now very popular and likely to grow into their full potential as a decentralized payment system.
Apart from Ver, other big names in the industry such as Mike Novogratz, the founder of one of the biggest funds supporting cryptocurrency startups and technology growth has persistently repeated that after the challenges of 2018, the New Year will bring in changes. He expects to see a larger number of institutional investors adding maturity and balance to the current system and also bring in a lot of encouragement or ‘flip’ to the system.