Fred Wilson who is regarded as one of the best Venture Capital investors claimed that the digital currency aka cryptocurrency can no more be treated as a safe venture in 2019. He posted this information on his blog citing that this is due to weakening economy.
Wilson is a successful businessman who is based out of America. He is said to have backed companies like Tumble, Etsy and Twitter in the past. He also co-founded the Union Square Venture Capital Firm, which is situated in New York.
Wilson reportedly published a post with a catchy title “What is going to happen in 2019,” wherein he discusses multiple events, which hinted that the market will be bearish for the time being due to the weakening of the economy. He also warned those who are relying totally on cryptocurrencies and asked them to be wary of the bearish market and make proper arrangements to deal with the issue.
Wilson also suggested that a mining software project named Filecoin, which was also regarded as one the “next-gen” contract platforms, is likely to compete with Ethereum.
As per Wilson, the stablecoins are likely to witness significant progress this year. The customers are very likely to adopt them along with cryptogaming, a non-fungible token. He additionally stated - “The area I am most concerned about are actions brought by misguided regulators who will take aim at high-quality projects and harm them. And we will continue to see all sorts of failures, from scams, hacks, failed projects, and losing investments be a drag on the sector.”
Wilson also believes that the current U.S President Donald J. Trump will be removed from the White House by this year-end after Robert Mueller, FBI Director issued a report that brings out a history of activities performed by Trump, which was rendered to be illegal.
Back in 2017, Wilson also supported the cryptocurrency deals as he himself had invested in cryptocurrencies citing impressive returns. He had held around 5 percent of his entire portfolio to gain impressive returns. It is shocking to note that the same person is claiming that crypto’s fate doesn’t look that favorable two years later.