Edith Yeung of Race Capital believes that the current “warm crypto winter” would scare away day traders
As the cryptocurrency market increases at an unprecedented rate, several financial institutions and venture capitalists (VCs), including Race Capital, are optimistic about the new asset class.
In an August 16 interview with CNBC, Edith Yeung, general partner at Race Capital, said that a whole generation of internet users believed that personal data could no longer be monetized and belonged to the users.
Yeung responded to crypto opponents’ claims that the present market position is a crypto winter and that it would be a long winter by stating that “it is a winter, but it is a warm winter.”
Crypto and Web3 are not limited to Bitcoin
Despite expressing market confidence, Yeung acknowledged that the price of Bitcoin (BTC) had virtually half since the beginning of the year but stated:
“Crypto and Web3 are so much more than [what’s happening with Bitcoin today], which is why we want to concentrate on software infrastructure for Web3; regardless of price fluctuations, this web must be constructed.”
Lastly, she emphasised the value of patience in the cryptocurrency market during this “warm winter,” adding that:
“We’re very thrilled about the way things are going because, in a sense, the mild winter is going to force away everyone who wants to live there for short-term benefit. This is a long-term investment.”
In late December 2021, Race Capital’s CEO Alfred Chuang was optimistic about cryptocurrencies, citing the surge in crypto transaction volumes from around $50 billion to $100 billion per day between 2020 and 2021 and predicting that the whole business will be “scorching” in 2022.
Finbold revealed in late July that venture capitalists had already invested more than $29 billion in crypto companies in 2022, just $2 billion less than the total amount invested in 2021.