‘Selling Crypto Now Is Like Selling Apple in 2001’: eToro CEO

Ever since the arrival of Bitcoin, many people have predicted that “soon”

all of the cryptocurrencies will crash. The trends in cryptocurrencies

have been compared to global events such as tulipmania, the

1929 stock market crash and the dotcom bubble. However, even

after the recent fall in crypto prices, the industry continues to attract new investors.

This time, Yoni Assia, CEO of trading platform eToro, has picked

up the dotcom bubble analogy. However, instead of speaking

against the technology, Assia has chosen a different path.

In an interview with Bloomberg, Assia said that 90% of the

crypto startups will “end as nothing” but he believes that

these startups have a bigger platform than the ones in the dotcom bubble.

From 1995 to 2000, people invested heavily in “.com”

companies which were often formed without proper business models.

Nowadays, people can come up with new ideas that can be recorded

on a whitepaper for the entire world to read. Since these

inventions are creative, millionaires invest in initial coin offerings (ICOs).

Even if 1,000 of them contribute $10,000 individually, the entire

project can raise $10 million within a short amount of time.

For instance, web browser Brave raised $35 million in under 30 seconds last year.

Assia further explained that blockchain appears to be as

transformative as the internet was. “Tesla made 2,000%,

Facebook made 1,000%, Google made 1,000%.

This is the same thing but earlier in the cycle,” said Assia.

After introducing iPods, iBook and improving the

Mac OS from 2001 to 2005, Apple’s stock started increasing

gradually. Assia stated that currently investing in crypto is a

decision people have to make on their own.

“My long-term view is selling crypto now is like selling Apple in 2001,” said Assia,

“You do it if you have to do it, you don’t do it if you don’t have to do it”.

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