In a sea full of Bitcoin believers, it is very hard to spot the potential ups and downs of the leading cryptocurrency. However, Danny Masters is one of the people who are confident in Bitcoin’s future. The former commodities trader at JPMorgan and now a CoinShares chairman has recognized the growth of Bitcoin back in the day and saw it as a potential disruptor of cash and fiat money.
In a new interview, Masters said that Bitcoin will be strong in 2018. As he told CNBC, the cryptocurrency is “in play at the moment”. In his own words, Masters said:
“I like bitcoin. I think we’ve seen a lot of liquidation, I think we’ve seen a lot of leverage come out of the market, which was probably a little too risky for some people to hold onto and that’s come out.”
On top of Bitcoin, he also added that there are a few “select projects” in the altcoin/ICO/ERC20 space which point to “good developers and non-forkable/blockchain specific ideas which are quite attractive at the moment.”
In the panel discussion aired on CNBC, Danny Masters also said that it is a mistake to compare cryptos to other asset classes right now. Instead of that, he believes that it is a mistake to compare cryptos to other asset classes. Instead, he likes to listen to the industry veterans who have been around in the crypto world for the past few years. According to him, these people “can give you a very, very different feel” about cryptocurrencies than any other research that is put by Wall Street firms and banks.
As one of the key notes in the interview, Masters said:
“Bitcoin is a very difficult market to analyze. There are metrics that don’t exist in the markets that we traditionally know and love. Right now, the use cases for crypto are bitcoin is disrupting money and gold. Ethereum is disrupting the formation of capital. There are other protocols that are disrupting identity, identity provenance. And these things are really unproven yet but quite promising.”
Masters has also backed some ICOs over the past year and is behind the maiden Bitcoin and Ethereum publicly traded notes.
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