Roger Ver: Future of Crypto "Brighter Than Ever" Despite Bear Market
In the middle of one of the worst bear markets in Bitcoin history, Roger Ver maintains an optimistic attitude about the future of cryptocurrencies in general.
Bitcoin and almost every other cryptocurrency are in the red, hashrates are falling out of the sky, and Roger Ver says that the future for cryptocurrencies is brighter than ever.
“I’m a ‘fundamentals’ investor… Long-term, the future is brighter than ever. There’s more interest, there’s more adoption, there’s more and more stuff happening all over the world. So, of course, I’m incredibly bullish on the entire crypto coin ecosystem and Bitcoin Cash specifically,” he said in an interview with Bloomberg.
When asked about high-profile hacking incidents that may have driven down trust in cryptocurrencies as a whole, Ver added that the fact that hackers are interested in the ecosystem at all shows that it has value.
“If it wasn’t worth anything or wasn’t useful, hackers wouldn’t be wasting their time trying to hack it. If anything, it’s just more bullish signals that cryptocurrency is here to stay and here for the long term,” Ver said.
During the interview, Ver also seemed to express disappointment that cryptocurrencies are mostly used as speculative instruments rather than as currencies.
“I think we need to build an economy based on actually using cryptocurrencies as currencies rather than just a bunch of speculators speculating. And that’s been the entire goal of Bitcoin from day one, and the very title of the whitepaper: Peer-to-peer Electronic Cash System,” he said.
As it currently stands, Bitcoin and all of its variants have famously been used as speculative assets more frequently than any other utility, attracting the likes of day traders every time there’s a bear market and a certain amount of hype surrounding the coins.
Whether or not this continues to be the status quo depends almost entirely upon how many retailers and service providers would be willing to adopt the cryptocurrency ecosystem as it is right now. Though the numbers are slowly growing, the recent bear market may make this prospect less attractive to businesses with small margins.