Ever since January 2018, blockchain enthusiasts have been weary about the state of the market. After a spectacular bull run, the price for one bitcoin reached a peak of almost $20,000. Now it’s trading between a $6,000 and $8,000 range, with most other blockchain projects trading at a 75% discount from their all time highs.
However, those who have weathered similar storms before are confident that the budding industry’s best days are still ahead. Most cite recent developments that shine a bright light into the future and signal wider mainstream acceptance of blockchain investments.
- Just this week, New York Stock Exchange owner ICE announced that it is building a blockchain ecosystem. CEO Jeffrey Sprecher previously said crypto trading was a “trend we can’t ignore.”
- Other Wall Street giants are also joining in. Goldman Sachs plans to offer custody for blockchain funds. The firm’s newly appointed CEO David Solomon has been notably in favor of the new technology.
- Likewise, Silicon Valley staples such as Andreessen Horowitz have opened crypto funds. The venture capital firm destined over $300 million to its a16z crypto arm. Their previous investments in the field include popular exchange Coinbase and blockchain-based game CryptoKitties.
- PayPal founder Peter Thiel is famously bullish about the space. It’s been reported that his venture capital firm Founder’s Fund was buying Bitcoin as early as 2012. Recently, Thiel also invested in other blockchain companies such as Block.one, along with Bitmain founder Jihan Wu.
- Internally, the blockchain industry seems to be doing better than ever. Binance, the world’s largest crypto exchange, expects to make up to $1 billion in profits this year.
It’s not a coincidence that blockchain veterans have shared positive outlooks on the overall state of the industry. Beyond the endorsements, they see the wave of opportunities that the technology opens for investments. In this new kind of economy, traditional venture capital is democratized and made available to any investor, both individual and institutional. More so, the mixed deals that are popular in the space will continue to provide all the advantages of venture capital while tokens now award investors with more profit, more liquidity, and more flexibility on investments.
Blockchain investment experts such as Nick Evdokimov believe we are at the beginning of a Golden Age. “Today, this market is at its very beginning and there is a long way ahead of us. ICOs have only been around for two years and there is so much room to grow. I believe it’s not wise to say new investors are already too late or that it’s no longer effective to buy tokens. We’re barely getting started.”
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