Arthur Hayes (BitMEX’s CEO) while discussing with Yahoo Finance U.K. linked the stormy conditions of 2018 to the nuclear bear market that happened in 2014/2015.
Hayes’ inflammatory comment, which was disapproved by many was supported recently in comments made by the BitMEX’s CEO.
Jim Breyer, who is an early supporter of Circle, Facebook, VeChain (VET), and Ethereum (ETH) among others, claims that: “We are close to a nuclear winter right now with cryptocurrency.”
Breyer explaining why he feels the historical events are applicable and relevant, noted that in the technology realm, such cycles cannot be avoided, indicating clearly that the rise of blockchain to prominence may face the same pattern of “boom and bust.”
Although, these comments made by Breyer points to a bearish picture for the short-term of cryptocurrencies, optimists would neglect the sentiment held by the believers of this innovation.
A good number of insiders of the crypto industry, who are currently holding or have held great positions in the cryptoworld have taken a big risk to tout their faith for the blockchain technology and cryptocurrencies.
Intercontinental Exchange’s CEO has also aired his view on the matter, and it seems positive. He revealed that, both he and his wife, who happened to be Bakkt’s CEO have no doubts that cryptocurrencies will eventually survive. He then added that, their faith in cryptocurrencies has not changed due to the current market conditions.
Of course, Breyer also took sides with Bitcoin, probably to make sure his comments regarding the “crypto nuclear winter” were not misinterpreted. To show his support for the innovation, he made a comment saying: “So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean… You don’t want to bet against the best and brightest in the world.”