USV’s Albert Wenger: Cryptocurrency as a Whole Will Be Worth Trillions of Dollars
Following bitcoin’s historic march to $10,000 and subsequent volatility, covered by CCN, various prominent Wall Street executives have been weighing in on bitcoin and the cryptocurrency ecosystem in general, showing they aren’t too fond of it. Nobel Prize-Winning economist Joseph Stiglitz recently stated that bitcoin should be “outlawed,” while Goldman Sachs CEO Lloyd Blankfein apparently soured on bitcoin as he stated that it’s a “vehicle to perpetrate fraud.”
However, Union Square Ventures (USV) partner Albert Wenger recently shared his views on the cryptocurrency ecosystem, and made it clear that he feels its current $300 billion market cap is just the beginning of the journey.
While speaking to CNBC, Wenger stated that “a bubble is only something you can ever figure out in hindsight,” and added that he finds it instructive to look at Amazon’s stock chart. The e-commerce giant’s chart, Wenger continued, looks like a “massive upward-sloping curve,” but when we zoom in on it, we can see that in the beginning there was a run-up and big drop-off. To him, the cryptocurrency’s chart will, in the future, be a “very massive run-up.”
As such, it’s possible that the current run-up turns out to be “a blip on that chart.” To him, since the cryptocurrency ecosystem has grown to where it is today, there’s definitely a way for it to do down as well, but there’s also a path for it to reach trillions of dollars.
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