Blocktower Capital founder Ari Paul has offered his latest two pence on what he thinks about the feasibility of Bitcoin (BTC) and other cryptocurrencies as investment vessels.
The executive seems to believe that BTC is the only long-term cryptocurrency that will continue to grow steadily and overcome temporary setbacks.
Other cryptocurrencies will be more akin to “bets”, the executive explained. Paul believes this to be the case because BTC is a unique product that has no competitor whereas other cryptocurrencies are too closely related and serve similar purposes.
BTC has the advantage of being a first mover and one of the oldest tenants of the cryptocurrency space.
Paul also explained that adoption was “at least” five years behind and he urged developers to begin addressing established issues with the blockchain that may compromise the security of trusted options such as Ethereum and BTC. However, the executive is fairly confident about the future of the industry.
He compared today’s cryptocurrency market to the NASDAQ back in 2000, arguing that cryptocurrencies – while risky, are at an early stage of their development.
Paul is confident that BTC has got the technological edge over other cryptocurrencies. He admitted that despite the present day predicament the market is experiencing, he is more bullish on the long-term prospects of the cryptocurrency market than he was a year ago.
We are in a bearish cryptocurrency market now, with Coinbase announcing layoffs of 1,100 employees earlier this week and other companies following suit.