Pantera Exec: Next Bitcoin Bull Run Will Achieve 10x Current Market Value
Joey Krug, co-chief investment officer at Pantera Capital, talks about the next bitcoin bull run in a recent interview with Bloomberg TV. Joey Krug made a solid bullish bet. Krug said that the next Bitcoin bull run would trigger a 10x jump in the overall cryptocurrency market.
According to him, entries by firms like Fidelity Investments and Intercontinental Exchange were signs that the market was trying to consolidate before it breaks out. He acknowledged that the market was at the bottom and would remain in a range until the next catalyst hits the crypto scene.
For this to happen, he continued, cryptocurrency networks will need to achieve increased scalability, as the current state of cryptocurrency blockchain development is akin to the internet before dial-up.
He continued stating:
“If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”
Although the cryptosphere just began to walk on its own two legs, Krug added that scaling blockchain networks, while difficult, is something that innovators within this industry can accomplish with a dab of elbow grease, grit, and determination.
While the crypto space work on the scalability part, it doesn’t mean the bear market will stay during that time as according to him the market has come close to its bottom and will remain range-bound for now, until the next catalyst that will skyrocket Bitcoin and the entire crypto market.
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