After the crisis, he called cryptocurrency a monopoly?

Can a bright future await cryptocurrencies at the end of winter? While a record high in bitcoin seems possible to some experts, the Bank of England is calling on the industry to have other ambitions.

Survivors called for judgment

The cryptocurrency crisis continues to have a lasting impact on the industry and some players are calling for hope. Bitcoin and Ethereum are clear survivors of the winter as Binance is quietly navigating a sea of ​​difficulties that have plagued most companies. Times will still be tough, but post-crisis should see the industry boom again.

What if we expected more success than expected? According to the Bank of England, the survivors of the crypto winter are destined to have a very bright future. Deputy Governor John Cunliffe believes that the collapse of the industry is comparable in all respects to the collapse of the dotcom bubble. Also caused by his speculation bubble bursting, the event didn’t kill the World Wide Web. On the contrary, many companies have become very powerful.

For me, the analogy to the crypto winter is the dotcom boom, when $5 trillion was wiped out. […] Many companies have gone bankrupt, but technology has not gone away. It came back 10 years later, and those who survived – Amazon and eBay – proved to be the dominant players. […] Regardless of what happens over the next few months for crypto assets, I expect cryptocurrency technology and funding to continue as it offers the potential for massive efficiencies and changes in market structure.

Excerpt from Sir John Cunliffe’s speech at the Point Zero Forum currently in Zurich

Source: Point Zero Forum Twitter account

However, only some of them can truly know glory

Could the big crypto players gain too much importance and end up at the helm of the monopoly? For the founder of the investment company Blocktower Capital, Ari Paul, this hypothesis is quite possible.

However, this will not be the case for all companies in the industry. Only those who work on the basis of surviving and strong currencies, such as Bitcoin, will be able to claim such an opportunity.

According to him, the potential of Bitcoin can no longer be demonstrated, and he remains convinced that the first cryptocurrency in this sector will dominate the industry, since it has no competition outside the crypto sphere.

Bitcoin is only “preferred” because it is the only crypto asset that does not compete with any technology or product. It mainly competes for security/stability. So I’ve always thought that if it fails, it’s probably not because of replacing it with something better but for special reasons, like it becoming faulty.

BTC is the only asset I am currently considering as an independent wallet allocation over 3+ years. […] Other cryptocurrencies may offer higher value, but they come with a lot of risk, so they are a reasonably small part of a larger portfolio. In short, I see BTC like Amazon and everything else as risky bets.

Excerpts from Ari Paul’s tweet about the future of cryptocurrency

Source: Ari Paul’s Twitter account

While waiting for such an event, the crypto domain is still in dire straits. The crypto winter could be longer than anticipated, portending many bouts of cold sweats for investors. Meanwhile, bitcoin is now hovering around $20,000. So it does not seem that monopoly exists now.

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