What is a “Crypto Nuclear Winter”? Are Bitcoin Investors in for an Even Longer Bear Market Cycle?
Ethereum World News recently reported that BitMex CEO Arthur Hayes likened this year’s market to the poor conditions of the market in 2014-2015 in a discussion with Yahoo Finance UK. Of course, many considered his comment as inflammatory.
Jim Breyer, who had invested in Facebook, Ethereum, VeChain, and Circle, spoke at the Global Tech Forum 2018 in Guangzhou, China. There, he seemed to share Hayes’ sentiment, stating “we are close to a nuclear winter right now with cryptocurrency.” Breyer expanded that such downturns in the market are “inevitable” and that concerning blockchain technology, it may be going through a “boom and bust.”
There are those who have taken the opposite position, though. Ethereum World News reported that there are several industry leaders who have a positive view of the cryptospheere and faith in blockchain technology. Anthony Pompliano of Morgan Creek Digital recently appeared on CNBC’s Squawk Box. There, Pompliano claimed that cryptocurrency assets are the most profitable asset class, despite the unstable market. Pompliano’s colleague appeared on CNBC’s Fast Money to also push for the bullish view. He stated 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.”
At the end of the day and despite his comments, Breyer still sided with Bitcoin. He stated,
“So many of the very best computer scientists and deep learning PhD students and their 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.”