A Venture Capitalist Is Positive on Bitcoin

By Swati Kishore

With Bitcoin and other cryptos having had a terrible year in 2018, many believe that these could be in dead waters. But there are also others who continue to believe that this just a blip in the long future of cryptocurrencies.

Another one of these believers is the Managing Partner at a US-based venture capital firm which focuses on crypto, called Dragonfly Capital Partners. Alex Pack is of the view that Bitcoin will never fall to zero, and that the world’s largest digital currency crossed a major milestone in 2018.

Pack elaborates on Bitcoin saying that it is a landmark in the history of money and that it is now a dependable store of value.

Bitcoin and cryptocurrencies are suffering from slow adoption. That’s not all, institutional investors have also gotten cold feet. The crypto markets are also suffering from tightened regulations.

Over the last week, Bitcoin has bounced back from its yearly lows to reach the USD 4,000  mark. However, many experts believe that this rally is short lived.

Packs begs to differ. The fund manager is confident on the future of Bitcoin owing to the interest in Bitcoin generated from the New York Stock Exchange as well as NASDAQ.

“Back in 2014 there was a much smaller group of investors. Bitcoin and crypto were still very niche, which caused a lot of uncertainty. The question now is ‘how long this bear market will last?’ The death cries seem far softer than in previous downturns and the people involved now have more patience. We think we’ll be able to weather the storm,” believes Pack.

Dragonfly Capital Ventures raised USD 100 million in October to invest in crypto startups. The firm will be investing in three types of crypto assets- applications and protocols that will form the basis of decentralized economies, crypto native funds that will manage funds for the crypto asset class, and tech startups which are aiming to bridge the gap between the centralized and the decentralized worlds.