It has been discussed in the last years whether cryptocurrencies and crypto startups are like the dotcom bubble back in the 90s. And this is a very valid relationship that allow us to think how can we prepare for the future.
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Are Cryptos Like the Dotcom Bubble?
According to the CEO of eToro, Yoni Assia, over 95% of the startups that people is funding right now, will not exist anymore. At the moment, eToro is supporting a wide range of virtual currencies, including Bitcoin, Ethereum and EOS.
But similar comments have been made by Joseph Lubin, co-founder of Ethereum. He compared the cryptocurrency boom to the dotcom bubble.
During a press conference at MoneyConf hosted in Dublin he said:
“If you look at the dotcom boom and bust, there were so many of the same issues back then. SO much money invested, lots of money lost, lots of failing projects.”
And the list of figures commenting about different virtual currency projects in this way is not over. Dominik Schiener, creator of the IOTA cryptocurrency, said that in the future, less than 10 of the more than 1,600 cryptocurrencies in the market will survive.
It is important to mention that the projects that will be able to survive, will be giving to the world an important value that before was inexistent. During the process an important number of projects will not be able to keep growing and working. But this is part of a wider process of creation that will see a few projects succeed and change the world as we know it today.
Assia commented about the possibility that several projects have nowadays:
“You have something that you’ve never had before, not even in the dotcom bubble: if you have a genius idea now and you put a whitepaper on it and 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.”
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