Veradittakit, touching on the state of the cryptosphere, noted that altcoins at large remain strongly correlated to Bitcoin (save for Ethereum and XRP).
Regardless, the long-time crypto entrepreneur noted that with markets low, today is still a “great time to be buying cryptocurrencies”, adding that diversification into this dynamic industry would be advantageous.
Now’s A Great Time To Invest Into Bitcoin
As the year comes to a head, a number of crypto traders and investors have sought to figure out what lies in wait for Bitcoin in 2019. Paul Veradittakit, a partner at the San Francisco-based Pantera Capital, has told CoinTelegraph that now’s an optimal time to buy into Bitcoin.
In a recent Youtube interview with CoinTelegraph, Veradittakit, a prominent venture capitalist and advisor to Blockfolio and Icon, has claimed that from a short to medium-term outlook, it would be logical to invest in BTC at current prices. The Pantera partner isn’t the only industry insider to tout such sentiment, as a number of crypto traders have claimed that in the years to come, traders will be kicking themselves for not buying BTC at $4,000.
“Putting all your eggs in one basket is probably not a good strategy. So either investing into an index, or investing into a bunch of them altcoins that you’re really passionate about, or even going to a fund manager to run your holdings is logical.”
The Pantera partner’s statements come hot on the heels of a recent report from Ethereum World News regarding Tone Vays’ thoughts on the same subject matter. As reported by us previously, Vays told CoinTelegraph that 2018’s bear market is “significantly different than what happened back in 2014 or 2015.” More specifically, the trader, formerly of J.P. Morgan, noted that this time around, when BTC surges, the “altcoin bubble will not return.”
Vays hinted at the fact that the industry has already preemptively indicated that altcoins won’t return, as made apparent by the Bitcoin Cash debacle (he called it an “implosion”), and other smaller events that accentuated the irrelevancy of these alternative coins.
Jimmy Song, a leading Bitcoin educator and developer, echoed his peer’s points, stating that many “crappy projects (altcoins)” are likely in their death throes, and will be eventually purged from this nascent ecosystem. Song, touching on why this is significant, explained that there has been a “lot of malinvestment in this space”, making the removal of fraudulent projects positive for bonafide coins.
Yet, while there are contrasting views on this topic, both sides do have their biases. Vays and Song, by no fault of their own, entered the industry when there was only Bitcoin (essentially), and have built their investment theses around the flagship cryptocurrency. And while Pantera’s founder forayed into cryptos early, the fund actively invests in altcoin-centric platforms, products, and services, like Abra, Brave, Civic, Ripple, and ZCash to name a few.
2019 Will Be A Great Year
Veradittakit went on to touch on what’s next for the cryptosphere in 2019. The Pantera insider first noted that Bakkt’s launch, which was recently rumored to have been delayed, will be an integral part of the narrative moving forward. he explained that if the crypto market is to return in full-swing, institutions will need to have a viable way to foray into this industry.
Bakkt is, of course, a viable fiat on-ramp backed by the Intercontinental Exchange, Starbucks, and Microsoft.
The investor noted that he expects 2019 to beckon in scalability projects, like the Lightning Network and other smaller efforts. But interestingly, Veradittakit explained that he doesn’t expect any of these ventures to be able to compete with Ethereum. Along with a push for scalability, the prominent crypto advisor also noted that he expects for significant institutions to acquire and invest capital into startups, especially as talent continues to flock to this industry.