Shutterstock CEO Bought the Latest Dip; These are “Super Interesting” Times for Crypto and Blockchain
“As people and businesses start to figure out how to build infrastructure on top of blockchain, that's where it really becomes interesting,” said Jon Oringer, whose VC Fund Pareto Holdings is also looking at Web 3.0, blockchain, and crypto to invest in.
- Jon Oringer, founder and executive chairman at Shutterstock Inc, is bullish on blockchain and cryptocurrency.
In an interview with Bloomberg, Oringer, who moved to Miami last fall, which is working on becoming a crypto hub of the world, actually “bought some of the dip” that recently saw bitcoin price experiencing a drawdown of more than 50% and Ether over 66%.
“I think this is an interesting time for cryptocurrencies (and) these instruments are here to stay. As people and businesses start to figure out how to build infrastructure on top of blockchain, that's where it really becomes interesting.”
Oringer expects to see decentralized types of platforms, whether it be social media or other types of marketplaces that get built on the blockchain, and “as these come out it's going to strengthen these tokens. They have massive network effects today. I think that will only get stronger,” he added.
Non-fungible tokens (NFTs) are one thing that Oringer finds “super interesting,” which he said is “starting to legitimize” some of this technology as to why it is out there and why it makes sense.
Shutterstock is also incorporating NFTs and looking at how blockchain can affect the market dynamics of how we buy and sell images and how the workflow is going to change.
“Ultimately, it comes down to trust. If there's a system in which there's a reason to not trust the marketplace or the mechanism, I think that's where blockchain starts to come in,” and things get interesting, he said.
Oringer is also the co-founder of Pareto Holdings, a VC Fund and tech incubator based in Miami, and here they are looking at fintech, health care tech, education tech, Web 3.0, blockchain, and crypto — the kind of platforms that can disintermediate in places where there is a doubt of whether the community trusts the platform — to invest in.
“When there's some competition from blockchain-type decentralized organizations that may have a more democratic approach to who gets to say what on the platforms. I think these are super interesting times for both crypto and for blockchain.”
Besides crypto, Origer also talked about meme stocks and retail mania which he said represents a shift.
“We see people making their own investment decisions,” their own research. While there is a disconnect with dangerous types of speculation and trading going on, especially with meme stocks, ultimately, the fundamentals will weigh in, and these stocks will trade on those fundamentals, he added.
“That's the way the system works. That's the way it will continue to work,” however, a lot of people want to say something, and they're doing it with cash.
“It's a fundamental change in how people are investing and how people look at investing,” said Origer, adding that eventually, the valuations will come back to normal.