David Schwartz, chief technical officer of Ripple, compares the cryptocurrency market to the search engine industry in 2000.
Schwartz confesses in a recent Twitter thread that he lacks a solid grasp of the factors that influence the price of cryptocurrencies, but that he has a hypothesis based on facts, experience, and his views about the business.
According to the Chief Technology Officer of Ripple, XRP may be underperforming because of widespread uncertainty in the market.
“Imagine I worked at Google in the year 2000 and told you that search was going to be the next great thing and generate billions of dollars in new riches.”
“However, I may be able to persuade you, and you may become a genuine believer. Maybe you join Google. And you would be at the proper location at the proper moment. The markets eventually started to believe it as well. And this is how many millions were created.
However, I could have stated the same things around the same time and worked for Ask, Ask Jeeves, Altavista, Lycos, and a number of other firms. Additionally, they were at the right place at the right moment. I believe that’s where crypto is today.”
Schwartz believes that investors are still trying to determine the future size of crypto, but they are not yet able to predict which projects will be the Googles of the digital asset industry.
“As crypto evolves, markets will be better equipped to determine which cryptocurrencies will be successful.”