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Alex Pack thinks that Bitcoin crossed a major milestone this year

BlockClutch Team

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Bitcoin has had a tough couple weeks, topping off a dreadful year that has seen it shed around 80 percent of its value because of its all-time large 12 weeks ago.

While many are concerned that bitcoin–as well as several other significant cryptocurrencies like Ripple’s XRP and Ethereum–may currently be dead in the water, others are convinced that this is just another blip in the extended bitcoin saga.

Currently, the managing partner of Dragonfly Capital Partners, a U.S. crypto-focused venture capital company, has stated he believes bitcoin has crossed a significant milestone this year, using its odds of falling to zero virtually non-existent.

Bitcoin has dropped sharply since it appeared at nearly $20,000 in the end of 2017, crashing into annual highs of about $3,150 before this month following a busy couple weeks and prompting many to attempt to call a base into the tumultuous market.

“Bitcoin could fall as low as $2,000, as well as $1,000, but maybe not $0,” explained Alex Pack, a former finance director at Bain Capital Ventures. “And that is a landmark for an advantage.

“For something like bitcoin, which can be a milestone in the history of cash, it has come to be a more reliable store of value,” Package additional. “Individuals purchasing and using it’s to be confident it is not going to zero”

Since the bitcoin and wider cryptocurrency marketplace has dropped in value, investors have fretted over slow adoption among consumers and retailers, delays to long-awaited institutional investment, and also the marginal danger of tougher regulation.

Bitcoin has dropped throughout the previous week, climbing back above the psychological $4,000 mark. Some market watchers believe this rally won’t last, however.

However, Peck said that thanks to the improvements seen in 2018, specifical fascination with bitcoin stocks from Nasdaq and the New York Stock Exchange, along with the interest generated by bitcoin’s epic bull run a year ago, his”assurance has never been greater.”

“Back in 2014 there has been a considerably smaller set of investors. Bitcoin and crypto were very market, which triggered a great deal of doubt,” Pack said.

He also added,

“The question now is’how long that this bear market will last?’ The death cries appear much milder than in previous downturns and the folks involved have more patience. We believe we will have the ability to weather the storm”

In October it was disclosed Dragonfly Capital Partners has raised $100 million to its inaugural fund to purchase cryptocurrency startups.

Pack, together with venture capital veteran Bo Feng, are trying to invest in three kinds of resources: crypto-native funds which are looking to be turned into the following asset management dynasties for your crypto-asset course; protocols and software which are going to be the base of the decentralized market; and pick-and-shovel technology startups building bridges between the decentralized and centralized worlds.

Dragonfly’s investors include cryptocurrency exchange OKEx and cryptocurrency mining gear manufacturer Bitmain, both located in Beijing. Bitmain’s long-expect stock exchange float has come under uncertainty in recent weeks, casting a shadow across the entire sector.

Pack is worried the U.S. and Europe could drop behind international growth as a result of heavy-handed regulation. Dragonfly intends to bridge Western technology development together with the requirement for crypto and blockchain providers in Asia and the developing world.

“A great deal of the technology and infrastructure has been constructed from the West but the majority of the consumer base is currently in Asia. It is China, Hong Kong and Japan in which the most compelling use cases are available and it would be tricky to implement a whole lot of these fresh, exciting items from the West,” Pack said.

“Crypto development goes so fast, and in a significantly faster rate than the world wide web, for instance. What can happen five years in online development, can occur in about a couple of years in crypto.

“The U.S. is at risk of losing its technology giant crown to Asia and the clock is still ticking. I would say it’s only a couple of years before that occurs.”

“Fast moving web companies like Facebook prefer to request forgiveness, not to consent. It is far more difficult for crypto businesses to do so.”

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