Unlike other experts and believers of crypto, Adena Friedman expects the cryptocurrency space to experience its first stage saying it as the “classic invention lifecycle”. Moreover, she believes that cryptos might prove as a global currency of the future. If the tremendous demonstration of genius and creativity results in practical utility.
Marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.
For a majority of people out there who have faced losses, this dose of reality seems very hard to digest. Around $400 billion worth cryptocurrencies have been destroyed within the market capitalization.
The price of bitcoin declines right from the highs around $19,000 to lows over $3,200. However, early investors might be enjoying some profits, however, for the new joiner is a downside.
The Nasdaq CEO, Adena Friedman also notes that one of two things is to occur next.
- Like the internet: The innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric.
- Like the Segway: The invention fails to achieve broad adoption and its commercial applications as a medium of exchange are limited.
However, looking at the industry it is tough to believe that thousands of credible startups, billions of investment, and stalwart progress pushing adoption. Friedman also mentions:
It is difficult to ignore the huge amount that investors, including some of the most sophisticated global investors, have poured into digital currencies in recent years. Such a genius invention deserves an opportunity to find a sustainable future in our economy.
Therefore, all this depends on the governance along with regulatory clarity for “antithetical” right to a “decentralizing, ungovernable” currency, according to Friedman.
— Adena Friedman (@adenatfriedman) December 10, 2018
Moreover, she believes that NASDAQ is about to grasp investors trust regarding cryptocurrency, as, the company is incorporating its trade technology as well as integrity to their business. Even, the Gemini exchange operated by Winklevoss twins is using the software from NASDAQ. The company also contributes to efforts of Singapore, settling tokenized assets.
I don’t say this to dishearten us. Quite the opposite.
There is so much left to build and promise to be realized, which is massively exciting! pic.twitter.com/9pfy5MmJ1k
— Chris Burniske (@cburniske) January 5, 2019
The reply by Chris Burniske, the Venture capitalist shows his belief on cryptocurrency. He also supports the talk about digital currencies to face a normal phase regarding market development. He mentions a statement: crypto seems to be at the “installation phase” which is comparable to the internet.