LDJ Capital Founder and Chairman David Drake admitted that crypto world can be a bit “weird” and “fraudulent”, but he is still optimistic about the future. He also denied the possibility of one single currency dominating the Internet completely. In the interview with Bloomberg News, Mr. Drake explained the current fall in bitcoin prices. In his opinion, the regulators have failed to give the investors proper instructions on how to securely work with crypto. He also noted that the crackdown on crypto by Asian governments also puts additional pressure on bitcoin. But he remains bullish:
“But I’d say this year is a cryptocurrency Wall Street time and like Dorsey said, and we have said that before as well, we think cryptocurrency on the bitcoin will be worth $30,000 at the year end – it is limited.”
David Drake also disagreed with Twitter CEO Jack Dorsey, who claimed that bitcoin will be the sole internet currency of the future. Drake insists that “hundreds” of cryptocurrencies will remain on the market because too many of them offer “great solutions”.
“Yet again, cautioned Dorsey, some of them are fraudulent and they are weird and strange. There’s too much hype. We have got to calm down a little bit.”
Mr. Drake also predicted some changes in the top-5 cryptocurrencies over the next year, although he believes that bitcoin will retain its place as cryptocurrency number one.