Matthew Goetz, Cryptocurrency hedge Fund co-founder, compared the technology to the Internet in the 1990’s.
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“You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along.”
The cryptocurrency market has seen massive gains in 2017.
More than 1,000 cryptocurrencies are in circulation, but bitcoin is still the technologies leading token at over $4600 each.
Goetz claims that bitcoin may lose its place as the number one cryptocurrency in the future as other cryptocurrencies jostle for superiority by constantly outdoing each other in regard to their underlying technologies.
“Bitcoin is the most entrenched, it has very stable protocol, it doesn’t change a lot, and it has a very strong developer base, but at the end of the day, it is still software. There is some chance that something an order of magnitude better than Bitcoin, technologically, could come along.”
“It’s something like Facebook. If someone creates a new Facebook that has slightly better features, say 10 percent better. That’s great, but network effects are strong. So, that new thing isn’t going to kill Facebook.”
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