Fred Wilson, a renowned venture capitalist, American businessman, and co-founder of Union Square Ventures, has withdrawn his support for Ethereum. Wilson has been a strong ETH supporter for a long time, but his recent remarks on his blog seemingly point towards his increased disappointment with the network. Not just that, Wilson has gone a step further and praised Bitcoin (BTC) as well as Facebook’s troubled crypto project Libra.
Wilson, in his blog, has stated that Ethereum confounds him. He added that in spite of having demonstrated the way for many vital things such as smart contracts, proof of stake, trust-free programmable computing, and more, it remains difficult platform to develop on with plenty of scaling issues. He also highlighted that multiple developers are looking somewhere else.
If withdrawing Ethereum support was not enough, Wilson has surprisingly taken a liking to Bitcoin. In fact, he even acknowledged the number one digital currency as digital gold. We can’t help but note here that Wilson is the same person who had once predicted that Ethereum would overtake Bitcoin as the numero uno crypto asset. Wilson also claimed that Bitcoin makes up as much as 70 percent of the entire market capitalization of the whole crypto sector.
Wilson wrote in his post that in some manner, BTC is one protocol which has found a lasting fit for product-market. When it comes to censorship proof digital store of wealth, nothing gets close to BTC. Adding further, he said that there are certain protocols, including the privacy-concentrated ones, which offer similar or improved use cases. However, for a major part, BTC is people’s digital gold, he remarked.
Apart from Bitcoin, Wilson said that stablecoins are also a bright position. He demonstrated his liking for stablecoins as well, including Facebook’s Libra. We can’t help but consider all the debates and discussions that Libra has sparked ever since it was announced earlier in this year. Authorities have also made the developers halt the development of Libra until the project gets required regulatory clearance.
Crypto’s Bright Future:
Wilson insisted that he has been in the Crypto Industry for a long time and also shared his belief about crypto’s bright future. He lamented, saying that banks and regulators globally are hostile to the industry. Continuing further, he expressed concerns that crypto hasn’t gone mainstream till date. Wilson also brought to notice that a majority of people only purchase, sell, and hold crypto; very few do anything else with it.
Wilson said that he is optimistic with regards to crypto’s future while disclosing that he, along with his company, will continue investing in the industry.