Cryptocurrency is heading for a “nuclear winter”, says billionaire investor

Things aren’t going to get better quickly, reckons one major investor…

The price of cryptocurrencies is a long way from recovering, after a three week period that’s seen them heavily hit, and hard. Bitcoin still lurks just about below the $4000 mark, down from the mid-$6000s this time last month. Every time it looks like the bull market is tempering, another run on price seems to follow.

One person who remains interested in the blockchain and cryptocurrency sector is Jim Breyer. Breyer is a billionaire investor, who was speaking the other day at the 2018 Global Tech Forum, that had been taking place in China. He was commenting in the aftermath of the cryptocurrency price depression, and confirmed that he remains “very interested” in the tech.

However, he also cautioned that investors are facing a tough time in the short term. “We are close to a nuclear winter right now with cryptocurrency”, he remarked. This plays to the fears of many who are wary that the negative price volatility around crypto is going nowhere fast.

Breyer believes moments like this are “inevitable”, however, arguing that “these cycles keep happening every decade or so”, with some form of technology boom and bust.

In particular, though, he’s utterly confident that blockchain will bounce back from this. Simply because the people working on it are so good. “You don’t want to bet against the best and brightest in the world”, he argued, and it sounds like he has no intention of doing so. Not for the first time, the message appears to be simple: hold your nerve…

Image: BigStock

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