Between 1997 and 2001, online was the way to go – or at least that’s what people thought.
During that period there was extreme growth in usage and adaption of the Internet by both businesses and consumers, but it all came crashing down in what has come to be known as the ‘dotcom bubble’ crash.
That term has come to be used as a comparison for other industries that grow at a similar rate ever since, which of course includes cryptocurrencies.
Lately, you might have had one or two naysayers claim “it’s a bubble waiting to burst” when the topic of Bitcoin and the likes comes up in a conversation.
It’s a scary thought, but what do those in the know say?
Well, well, well.
During the CNBC panel at The Sanctuary in Davos, Richard Muirhead, a general partner at Fabric Ventures, Ethereum co-founder Joe Lubin and Blockchain co-founder Nic Cary discussed the future of cryptocurrencies.
Muirhead explained that although the infamous dotcom bubble might share similarities, the market cap of companies was then “several trillions”, whereas cryptocurrencies are just over a half a trillion:
“The prices might have become a little bit more speculative than perhaps they could be, but you know we see an increasing number of high quality teams coming along and… building interesting applications. And I think it does take time… we have to be patient,” he said.
“We are still not in the kind of dotcom bubble territory in terms of the overall market capitalization [sic]. Some of us believe this particular wave is perhaps more impactful than the one back at the turn of the century.”
The other two were also positive.
Lubin spoke about how Blockchain technology is being used to create new solutions, from identity to fundraising for companies:
“All those fundamental elements are being put together by us and many other companies around the world… that’s going to be exponential,” Lubin said.
And Cary piped in, explaining how he is seeing more people transacting in cryptocurrencies, which will only support its growth:
“You have to look at the fundamentals,” he said. “To us, we are seeing increases in transaction volume and to me that’s one of the first indicators that more people are using this in their daily lives and that’s really interesting to me.”
Feel better? We told you it’s all going to be okay.
For some sage advice pop over to Luno, who are the masters at making it safe and easy to buy, store and learn about digital currencies like Bitcoin and Ethereum in South Africa.
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