YES! I love articles that validate and agree with my views. You just know they are written by super smart people, right? Maybe even geniuses. Matthew Goetz, a Goldman escapee and co-founder of BlockTower Capital, believes that cryptocurrencies are like the internet companies of the 90’s. HUGE upside potential still coming, with the caveat that there will be winners (maybe not out yet) and losers (maybe haven’t lost yet) certainly in the cards. YES, bitcoin and others ARE for real and the game is just beginning. Great article.
“The cryptocurrency market has exploded this year with over 1,000 digital currencies now on the market.
The price of bitcoin, the first and largest cryptocurrency, has captured the most attention, with Wall Street CEOs from JPMorgan’s Jamie Dimon to Goldman Sachs’ Lloyd Blankfein weighing in on the coin this month alone.
It’s up over 450% this year at near $US4,400 per coin.
But bitcoin’s meteoric rise doesn’t mean that it will be the top-dog crypto forever.
Matthew Goetz, a former Goldman Sachs vice president and cofounder of BlockTower Capital, a Connecticut-based crypto hedge fund, recently told Business Insider that bitcoin and other cryptocurrencies are technologies like any other, and as a result, are susceptible to being usurped by a digital currency with superior tech.
“Bitcoin is the most entrenched, it has very stable protocol, it doesn’t change a lot, and it has a very strong developer base, but at the end of the day it is still software,” Goetz said. “There is some chance that something an order of magnitude better than bitcoin, technologically, could come along.”
Kind of like how Facebook replaced MySpace as the go-to social media site.
To be sure, Goetz said a bitcoin rival can’t just be slightly better. Bitcoin’s massive scale would require the hypothetical coin to have substantially better capabilities…”
Full Story at Businessinsider