Bitcoin’s current troubles aren’t surprising. Nonetheless, the cryptocurrency has a bright future, according to Mark Jeffrey.
“This is very much like the dotcom boom and bust cycle that we saw in the late 1990s, early 2000s,” the author of Bitcoin Explained Simply and The Case For Bitcoin said on ‘The Next Billion Seconds’ podcast. “We’ve just gone through the analogue of that cycle in the crypto universe in a compressed timeframe. So in the dotcom boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half.”
Many people, he added, got over exuberant and perhaps extended themselves too much. “And then they got scared. And don’t forget that the (traditional) markets have also experienced a lot of crashing and volatility so it’s not isolated to just crypto.”
This, however, is not the end of the story. “This is the middle part. This is the second act. The third act is Return of the Jedi and we’re not there yet. That is coming,” he concluded.