Experts give their thoughts on what that fall in the cryptos means for the future of the space.
David Rubenstein, co-founder and co-executive chairman of The Carlyle Group, remains optimistic.
“I think it’s here to stay. Cryptocurrency is not going away, just like gold is not going away. Yes, it’s had its ups and downs and [Wednesday] was not a good day for it but that’s true of anything that is relatively new. … It’s here because people in the market want something other than just the traditional currencies that we’ve had and whether that’s right or wrong, it’s clearly something that the market wants.”
More education will lead to less volatility, said Binance.US CEO Brian Brooks.
“I would argue the problem is as much educating investors about this stuff as it is about building infrastructure because I think we’re at a point in time where many investors don’t know the difference between ethereum and filecoin and solana. They just all see it as crypto and you wouldn’t buy stocks that way. So, I think we need to focus more on what these tokens represent, what the network value is that is backing them and when we have that level of education, you’re going to see some amount of the volatility go away.”
Anthony Scaramucci, founder of Skybridge Capital, discusses how bitcoin will bounce back.
“The bull market is intact for bitcoin.