Financial Expert Weighs In On The Current State Of The Market

Financial Expert Weighs In On The Current State Of The Market

There are many financial analysts out there who are well-known for how accurately they predict price drops and the price jumps with certain stocks and companies. In a similar sense, venture capitalists which can return a solid return on their investments are praised within the financial community and of course, it brings them more business.

However, it should be noted that institutional money normally stays away from the digital currency markets. This is mainly due to the volatile and lack of stability in the crypto space. But with big asset managers such as Fidelity and BlackRock some believe that this is changing. These companies, and more, clearly have some interest in the potential that cryptocurrency has to offer - not to mention blockchain technology.

This is slowly becoming more obvious and there is further evidence to suggest that more institutional players will soon be getting involved with the cryptocurrency markets. The co-founder of one of the biggest capitalist companies in New York City, Fred Wilson has made comments on the current state of the cryptocurrency markets.

Wilson is the co-founder of Union Square Ventures which manages billions of dollars worth in assets. The company is a very respected firm in the tech world has invested in firms such as Tumblr, Zynga, Twitter and Foursquare.

In Wilson’s blog, which he been writing for since 2003, recently wrote a post with the title of Bleeding. In the blog, he first speaks about traditional investments and points out that Nasdaq was down and tech giants such as Apple and Facebook shares were also available at a discount.

He then went on to say that Bitcoin was down 80 percent from its highs and Ethereum was down 90 percent from its one time high. Then he goes onto give his views on what a smart strategy would be.

He stated that Bitcoin will “form a bottom at some point and is a buy when it does”, although it is clear that he wasn’t sure whether the bleeding was over with in regards to Bitcoin specifically. Despite this, he did seem to indicate that Ethereum might be a buy right now.

As reported by CryptoCoinSpy, Wilson pointed out:

“Ethereum feels like the easiest one to make a bull case for right now. It is hated. Everyone has lost their shirt on it by now. Nobody other than developers wants to know about it. It feels like time to start nibbling on it but not loading up on it.”

What are your thoughts? Let us know what you think down below in the comments!

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