Was cryptocurrency a flash in the pan? Less than two years ago, Bitcoin’s skyrocketing price was making people crypto-millionaires overnight. Then coin prices crashed and never recovered. Projects have shuttered, jobs have been lost, and most of 2017’s feverish enthusiasm has worn off. Perhaps the technology isn’t all it was cracked up to be?
Nonsense, say venture capitalists. For them, the decade-old technology has always been a long-term bet on the future of finance; short-term fluctuations in cryptocurrency markets don’t matter. It’s a mistake to conflate the market for digital currencies with the market for investment in digital currency projects, says Meltem Demirors, chief strategy officer for CoinShares, a provider of crypto research and investment products. And the latter is still a “large and very active market,” she says.
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