Cardano Founder Believes “Crypto Might Take 11 Years To Recover”

There is a good chance that the cryptocurrency markets won’t reach the highs of 2017 this year. In fact, it could take more than ten years to do so. Even so, the industry will have a dramatically different ecosystem by then. At least that’s according to the founder of Cardano, Charles Hoskinson who made the comments in a recent interview with Cointelegraph at the Crypto Finance Conference last week.

Hoskinson compared the huge growth that the cryptocurrency space experienced in 2017 to Amazon's performance during the dot-com era. In addition to this, Cardano’s founder also said that it took between eleven and twelve years for the internet giant to recover its all-time highs during the climax of the era. Furthermore, Hoskinson argued that by 2011/2012, the company was a “very much more mature company, much more realistic company.”

He also said that the industry as a whole could go through something similar suggesting that investors and traders shouldn't get their hopes up about something big happening anytime soon.

“It might take 11 years for us [the crypto industry] to recover back to where we were in 2017, but we will be a dramatically different ecosystem at that point. We'll have millions, perhaps even billions of users. We will be in many consumer products, be easy to use, [even] grandma can use it. A lot of the hard stuff will have been figured out. Like if somebody dies, how do we get their private keys, how do we handle taxes, all of the regulation will be done.”

On top of this, Hoskinson said that another key point for the evolution of cryptocurrencies is to attract institutional investors. Wall Street is always looking for new areas and different assets to invest in and cryptocurrency developers have to present a reasonable roadmap to achieve greater adoption.

If we look elsewhere - outside of money - Hoskinson said that institutional investors will bring in better-regulated marketplaces to the crypto space. He states:

“Institutional investors are pretty picky. They're very intelligent investors, but then they also require an ecosystem of sophisticated trading strategies and tools [...] They need derivatives, they need options, they need to get a short sell, and if our markets can get these things, what will happen is that you'll no longer see this massive volatility.”

Institutional adoption has been a big talking point in the crypto space over the past year.  An ex-Goldman Sachs partner who has been a big name in the crypto space, Mike Novogratz is the founder of the crypto merchant bank Galaxy Digital and has said that institutional demand will bring Bitcoin to new highs in either the first or second quarter of this year.

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