Bitcoin Crossed A Major Milestone This Year According To Venture Capitalist, Alexander Pack

Over the last 12 months, there has been a lot of speculation about the future and survival of cryptocurrencies. This is understandable since the price of some major cryptocurrencies fell by up to 90% this year alone. The first set of people to jump ship were speculators. These are those who only invested in the industry to make gains short-term. After a while, some believers started to lose faith in the industry as well. Notwithstanding, there are still those who have full confidence in Bitcoin.

Alexander Pack Says BTC Crossed Major Milestone This Year The managing director of Dragonfly Capital Partners, a cryptocurrency-focused venture capital company, Alexander Pack, said Bitcoin crossed a major milestone this year. According to him, the chances of BTC falling to zero are low to none-existent. Pack believes that even if Bitcoin may fall as low as $1,000, it will not hit $0. In his words:

“Bitcoin (BTC) may fall as low as $2000 or $1000 but it’s not going to fall as low as $0. This is a milestone for any digital asset. An asset like Bitcoin that has become a landmark in the history of currency can serve as a dependable store of value. Anyone who buys and uses it should be confident that it will never get to zero.”


Bitcoin (BTC) Price Today – BTC / USD
Name Price24H (%)
Bitcoin (BTC)
$8,724.00
8.95%


One of the major concerns investors have had during the fall of BTC and the entire market is that it would lead to slow adoption among consumers and retailers. Another concern is that it will stall institutional investors and make it more difficult for a clear regulatory framework to be created.


This week, Bitcoin has showed a lot of strength and it has carried the entire market along. It was able to make its way above the $4,000 psychological mark. Even at that, some analysts believe the bull rally will not last. Pack, however, said that the cryptocurrency developments of 2018 that was ignited by the epic bull run last year, has increased his confidence in the market. He continued:

“In 2014, the group of investors were much smaller than now. The lack of awareness led to a lot of uncertainty in the market. The ultimate question is: how long will the bear market last? Investors are eager to see a bottom. Those who believe in the market at this time have more patience. I believe we can weather the storm.”


Dragonfly Capital Raises Funds For Cryptocurrency Startups


About two months ago, Dragonfly Capital Partners announced that they had raised $100 million as part of its inaugural fund for cryptocurrency startups. Another venture capitalist, Bo Feng, along with Pack, said that they were considering investing in three types of assets. One is cryptocurrency-native assets, the other is cryptocurrency-asset class, and the last is tech startups. Their goal is to narrow the gap between decentralized and centralized worlds.


Bitcoin (BTC) Price Analysis

For the last few days, BTC has been trending higher against the USD. As expected, it has carried the entire market along. At the time of writing, Bitcoin (BTC) was trading at $4,184.68. This shows that it is up by 2.98% against the USD with a trading volume of $7,073,314,098 and a market capitalization of $72,983,771,422.

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