On route to Davos, Nasdaq CEO Adena Friedman says:
2019 will be a year of disruption and innovation. Cryptocurrencies could still be a global currency if the “tremendous demonstration of genius and creativity” finds practical utility.
Pioneering, Followed by a Dose of Reality
Friedman, like others, believes the cryptocurrency space has gone through the first stage of the “classic invention lifecycle” this is:
Marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.
For many, that dose of reality is a real hard hitter. Over $400 billion has been wiped off the market capitalization of cryptocurrencies. Bitcoin’s price has fallen from highs of $19,000 to lows of $3,200. Early investors may still be in profit, for those who joined the market on its way up, they are sure feeling the downside.
Cryptocurrencies Could be the Internet or Segway
The Nasdaq CEO says one of two things will happen next. Firstly, like the internet:
“The innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric.”
Or secondly like the Segway:
The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited.
It’s tough seeing an industry with billions in investment, tens of thousands of credible startups, and stalwart progress towards adoption, compared to a not so successful “personal transportation device.” Even if the Segway was a precursor to technology like the hoverboard.
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