Yoni Assia, eToro CEO: “Selling Crypto now is like Selling Apple in 2001”
If there is a financial product whose existence has been marked with the most heated debates and confusion, it is Bitcoin. Since the arrival of Bitcoin, many people have predicted that “soon” all cryptocurrencies will crash.
Yoni Assia, CEO of eToro, a social trading platform that supports a variety of cryptocurrency in an interview with Bloomberg, said that 90% of the crypto startups will “end as nothing” but he believes that these startups have a bigger platform than the ones in the dotcom bubble.
But those that do survive have the potential to be enormous. Investing in crypto is now “as good as an investment in the Internet 10 years ago,” said Assia.
A similar feeling was shared by Sebastian Markowsky Director of GP Bullhound, a technology investment bank. In a report he wrote in May this year, he claimed that a “strong correction” could lead to the massive elimination of cryptocurrencies.
Assia further explained that blockchain appears to be as transformative as the internet was. “Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle,” said Assia.
After introducing iPods, iBook and improving the Mac OS from 2001 to 2005, Apple’s stock started increasing gradually. Assia stated that currently investing in crypto is a decision people have to make on their own.
“My long-term view in selling crypto is now like selling Apple in 2001,” said Assia, “You do it if you have to do it, you don’t do it if you don’t have to do it”.
Assia sees the current interest in ICOs and the ease of investing in them as pretty unprecedented.
“If you have a genius idea now and you put a whitepaper on it,” he says, “suddenly you have 100,000 millionaires reading it and saying ‘hmm, that’s a really good idea.”
“If 1,000 put in $10,000 which is not a lot of money for those 100,000 you just raised $10 million for your ICO. That scale has never happened before.”
He went on to praise the technology behind crypto space stating:
“This technology is so profound; it’s going to do so many amazing things for economic, social, and political systems worldwide… We’ve really no concern that the ecosystem or the technology is in real danger.”
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