Matt Hougan, Bitwise: 95% Of Crypto Currencies Will Disappear
The head of a research department of a company which has made an application for Bitcoin ETFlaunch is sure that digital money created financial bubble which burst in 2018.
Matt Hougan, the head of a research department of Bitwise company is sure that crypto currency bubble burst in 2018, however, it attracted a lot of money and talents to a developing industry. He claims that the developers would not notice the digital money industry without impressive titles of 2017, reports Cointelegraph.
Matt Hougan says that 95% of existing crypto currencies (about 2000) are useless, and they will die. The sooner it happens, the better. But decent crypto currencies will rise from the ashes. Thus, Amazon, Google, Facebook raise from the ashes of dotcom.
Blockchain attracted huge number of talents just like the Internet did, says the expert. In his opinion, huge capital and interest to ecosystem development appeared due to the bubble, so bitcoin is the next dotcom. Digital money cost drop is not a catastrophe, these are typical cyclical changes.
Bitwise’s head explains that Bitcoin has already dropped by 70% six or seven times in the past. Each of drops made the market ready for the following growth. He does not mean that it will happen again, but the crypto currency’s cost increased by 300% over the last two years.
He adds that institutional investors will certainly come to digital money market. Hougan says that the company interacted with 2000 institutional and financial consultants last year, and they are quite interested in crypto currencies.