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Investment in Cryptocurrencies

Sep, 24
0

This Joe Knows Crypto

The Joe in question is one of my favorite cryptocurrency entrepreneurs, Joseph Lubin. He co-founded ethereum. And then he started ConsenSys, which helps startups build on top of the ethereum network. It’s one of the larger crypto firms, with 1,100 employees.

When Joe speaks, you should listen.

That’s exactly what I did yesterday, when I looked up from my desk and saw him being interviewed on Bloomberg TV.

Nice timing, Joe. I was ready for a little break.

Joe made interesting comments on a number of topics touching on crypto. But one message in particular grabbed my attention.

He stressed – more than once – that the most important thing to keep our eyes on is cryptocurrency’s ecosystem.

What’s NOT important? Crypto prices.

Excuse me, Joe, for speaking for you. But this warrants an explanation.

It’s not that Joe doesn’t care about prices. The bottom line is people need to make money from their crypto-related investments. This is capitalism, where money flows to the moneymakers.

Joe knows this.

But he has a powerful counterpoint. He says that every downturn is followed by a leg-up that far exceeds the previous high. Here’s how it works…

  • Money (from these bull runs) comes into the crypto sector…
  • It’s put to good use…
  • Advances are made on several fronts…
  • And that progress is rewarded by another (bigger) bull run.

That dynamic continues to drive the crypto market from one high to another, Joe says.

And to drive home his point, he adds that developer activity has risen by “two orders of magnitude” since prices jumped last year.

Which sets the stage for the next major rise.

Okay, he didn’t come out and say that. But he didn’t have to. I can read between the lines as well as the next guy.

Of course, Joe also talked up ethereum. He threw some well-aimed barbs at ethereum’s potential rival, EOS (which has the fifth-largest market capitalization, while ethereum is second behind market leader bitcoin).

He sees ethereum as a long-term dominant player – coexisting “among hundreds of other protocols.”

Propping up ethereum’s place in the crypto world was expected and, frankly, less interesting than Joe’s main point: Behind the scenes, the crypto space is marching smartly ahead.

To make his case, Joe specifically mentioned scaling solutions. Protocols are being developed to increase transaction rates from about 20 transactions per minute (Joe’s stated number) to thousands per minute. By the end of the year, he says, these solutions will begin to become available on a much wider basis.

That’s the big picture that investors should pay attention to, he says.

It’s a key point. I couldn’t agree more.

I would add one more.
The crypto space is in the final stages of paving the way for a wave of institutional investors to participate in the crypto market.

Another leg-up is lurking right around the corner buoyed by institutional money flowing into the crypto space.

It’s something crypto investors need to keep an eye on, because this next leg will generate some big crypto winners that are NOT on people’s radars.