Many CEOs and cryptocurrency experts are suggesting that many startups will fail but those remaining have the potential to be huge successes thanks to the blockchain, writes Business Insider.
References to the dotcom bubble have been made too many times for it to be an original view but pundits from within the industry continue to predict that cryptocurrencies have the potential to change/rewrite the rules of financial markets.
eToro CEO,Yoni Assia’s view that 95% of startups are going to end up badly is shared by many in the industry, suggesting that ‘Selling crypto now is like selling Apple in 2001’ he goes on to suggest that it’s the survivors who will reap the benefits and changed the face of the market, in the same way as the internet transformed people’s lives by becoming a feature of everyone’s lives.
Statistics show that more than 1,000 cryptocurrency startups worldwide have raised over $10 billion over the last two years to build significant market changing software projects. Over $9 billion has been raised through ICOs since the start of the year, according to consultancy Autonomous NEXT.
These views were shared by Ethereum co-founder Joe Lubin recently, suggesting the current situation is similar to the nineties’ dot-com bubble, which ended badly for many companies, but left the survivors thriving. Assia argues:
“If you’re into this technology, you’re like, why hasn’t everybody moved on to this technology? It’s an endless opportunity to move things on to the blockchain. You have an insane amount of very smart people who are envisioning this future and trying to build products for it.”
IOTA creator Dominik Schiener also shares the view suggesting that out of 1400 recent projects he expects less than 10 to make it. With former JPMorgan trader Danny Masters, it could be an even smaller figure: suggesting that no more than 5% percent of ICOs are worth backing.
Many pundits and crypto experts see digital currency’s underlying technology blockchain as the factor that will be the most transformational aspect of the predicted crypto boom, some going as far as to suggest it will “remake society.” A recent Forbes article suggested that in a study of 4,800 professionals from around the world, 66% of people believe that innovation will be the biggest factor influencing economic growth over the next 30 years, and one of the most promising of these developments was blockchain.
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