Jim Breyer: cryptocurrencies are ready to move into the “nuclear winter” phase

At the 2018 Global Tech Forum held in China, the famous billionaire investor Jim Breyer made a negative statement for cryptocurrency investors.

Despite the long decline in cryptocurrency quotes, he still has high hopes for the blockchain business, but he expects the near future will be the worst time for investors.

"We are close to a nuclear winter right now with cryptocurrency," said Breyer, who is famous for investing in popular cryptocurrency projects: Circle, Ethereum, VeChain and High Fidelity.

AI-Winter is an already established cycle in the market of artificial intelligence, which is characterized by a decline in interest in artificial intelligence technology. "These cycles keep happening every decade or so," Breyer said, referring to the repetition of technologic booms-and-busts. This seasonality is, he said, "inevitable."

History already knows several cases when investors were disappointed in new technologies and stopped investing in the industry, but then after a certain time interest returned. The latest example is the collapse of the dotcom bubble, when venture capitalists bypassed Internet companies, but Breyer was more assertive and in 2005 invested in Facebook. This deal subsequently earned him billions of dollars.

However, it should be said that Breyer's faith in the blockchain technology is based not only on his experience in investing in technology companies, but also based on conversations with students, entrepreneurs and developers.

"So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean," said Breyer. "You don't want to bet against the best and brightest in the World," he stated. 

SOURCE