- Persistence is everything in business, and there are some who believe that the survivors of the current Crypto Winter could go on to lead the most valuable Web3 businesses in the future.
- In an interview with Bloomberg, Bank of England Deputy Governor Jon Cunliffe suggests that the lessons learned from the current cryptocurrency downturn could provide the setting for a future clutch of highly successful Web3 companies in the future.
While cryptocurrency prices are being challenged at the moment, there’s more than an outside chance that the survivors of this latest winter could become the killer apps of a future spring, at least according to the Bank of England’s Deputy Governor Jon Cunliffe.
Speaking with Bloomberg, Cunliffe compared the downward spiral of cryptocurrency prices with the bursting of the dotcom bubble in 2001, and noted that those who emerged from the crash, could one day head up the most important tech companies, the way Amazon.com (+3.20%) and eBay (-0.37%) revolutionized e-commerce and the way the world shops.
Cunliffe believes that the technology powering cryptocurrencies is here to stay, just as the internet ultimately prevailed, despite countless dotcom-era companies folding.
Significantly, the survivors of today, could become the victors a decade from now, the way Amazon.com grew to be so dominant after the dotcom crash.
Cunliffe emphasized that cryptocurrency’s technology has a strong application potential in the financial sector.
Looking past the uncertain cryptocurrency market, the Bank of England Deputy Governor “expects crypto technology and finance to continue”.