Recently, Jim Breyer said he is still strongly behind Bitcoin (BTC) and the crypto market irrespective of the elongated “nuclear winter.” Jim Breyer is a venture capitalist and a billionaire crypto investor. He is one of the biggest bulls of Bitcoin (BTC). Breyer believes that Bitcoin (BTC) can’t be buried by near-term market movements because of the great technology it offers.
The Current Trend in the Crypto Market Is a Part of a Market Process
The billionaire investor disclosed his stand-in crypto while speaking at the 2018 Fortune Global Tech Forum that took place in Guangzhou, China. While speaking at the event, Breyer said these are testing times for the digital currency investment-verse. He said these periods often occur in cycles, and the present cycle will definitely come to an end.
Breyer has invested in crypto startup Circle and several digital currencies such as VeChain and Ethereum (ETH). While speaking at the event, he referred to the present situation in the market as an unavoidable aspect of the market process that usually occurs once in ten years.
He said in spite of the havoc in the crypto market, blockchain technology has gotten mainstream recognition and adoption.
Crypto Mining Is Also Affected by the Plummeting Prices
The recent trend in the crypto market did not only affect the value of digital currencies. Other sectors and firms were also affected. One area that has been affected greatly is “digital currency mining.” The declines in the value of crypto have created a situation where crypto mining is no longer a profitable activity for a lot of large and small-scale miners.
Bitcoin (BTC) – the world’s most dominant digital currency – recently plunged to a thirteen-month low. The value of the entire digital currency market has also plunged deeply. At the time of writing, the value of the crypto market is $140 billion. This is just about 25% of its value as at January this year.
The plummeting of prices has also affected a lot of stakeholders in the crypto space, from startups to traders and investors. Galaxy Capital was also caught up in the cycle. The firm recently declared a loss of $41 million for the third quarter of this year. This brought the total losses of the firm to $136 so far this year.
While the crypto market is undergoing serious turmoil, Breyer said he is not moved. Banking on his years of experience as a venture capitalist, Breyer strongly believes that the digital currency market will rebound. He believes the rebound of the crypto market will mainly be pioneered by an increase in the adoption of blockchain technology.
Breyer said his numerous meetings with technologists, entrepreneurs, and students is what convinced him that the turmoil in the crypto market will be temporary.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is changing hands at $3,906 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $68 billion and its trading volume over the past twenty-four hours is $4.89 billion.