VC Firms Comcast Ventures & Pantera Capital Are Bullish on Bitcoin
A couple of notable figures in the mainstream financial space are tipping bitcoin and blockchain technology to even greater heights. In an interview with CNBC, Gil Beyda, the Managing Director of Comcast Ventures made some positive comments about cryptocurrency and blockchain technology.
He began by saying irrespective of the price of bitcoin, blockchain technology is here to stay. He then went on to reveal at length, some of the strides that Comcast is making in the market.
Beyda said that the recent surge in crypto prices is born out of the fact that people are beginning to come to terms with the fact that there is real value in blockchain technology. According to Beyda, this realization is now far removed from the sentiments of 2017 when it was mainly seen as a get-rich-quick scheme. This means the market is beginning to mature and investors are taking cryptocurrencies seriously. Comcast has invested in a few blockchain-based startups and planned to invest in more blockchain projects in the future.
Still a Lot to Learn About Crypto and Blockchain
Beyda believes that despite the strides made so far, there is still a lot to learn. The Comcast chief said that proper regulations are required especially in the ICO scene to bring some structure to the market. He reiterated the widely held belief that blockchain technology has the potential to disrupt many business processes. According to Beyda, the technology could revolutionize social media, e-commerce, content distribution, and even politics.
On the subject of crypto impact on traditional banking, Beyda believes that more impact will be made in the banking infrastructure of less developed nations than in developed nations like the U.S.
Now is the Time to Buy Bitcoin
In a related development, Dan Morehead, the CEO of Pantera Capital believes now is the right time to buy bitcoin. The recent back-to-back weekly gains recorded by the cryptocurrency has led some to believe that a significant bull run is imminent.
Morehead expects that bitcoin will continue to recover and reach even greater heights in the next one year. He also gave an optimistic forecast that the total cryptocurrency market capitalization will reach between $4 trillion and $40 trillion within the next decade.
Mainstream Investments Streaming into Crypto
Speaking during an interview with Bloomberg, the hedge fund chief said that the company has about ten percent of its portfolio in bitcoin. He, however, said that the fund’s biggest crypto bet was in the Icon project. Morehead believes that the entry of hedge funds and other institutional investors will only serve to drive crypto prices higher.
According to Morehead, there is a shift in mainstream investor sentiment as cryptos are no longer viewed as “skanky.” The emergence of bitcoin futures trading has also caught the attention of Wall Street firms who have begun to see cryptos as a viable investment vehicle.