[Investor Arthur Cheong says cryptocurrencies may not be adopted on the same scale as the Internet]
Venture capitalist Arthur Cheong believes cryptocurrencies can be hugely successful even if they fail to reach web-scale adoption.
The CEO of DeFiance Capital told his 171,400 followers on social media platform X that cryptocurrencies can be transformative, even without mass adoption. Cheong believes that getting everyone in the world to join cryptocurrencies may not be necessary, as he believes digital assets are designed to disrupt some key financial industries.
“We should accept the possibility that cryptocurrencies may not be suitable for mass adoption like Web2, but are optimized for a narrow but high-impact application, such as global borderless currencies, cross-border payments and decentralized finance. . Pursuing mass adoption by ordinary people may be the wrong direction from the beginning.”
Cheong also provided his short-term outlook for Bitcoin (BTC). According to him, BTC looks poised to rise after investors in the traditional financial world buy up supply sold off by the German government.
“The German government sold all the BTC and the traditional finance community bought the dip in BTC exchange-traded funds (ETFs) and the ETH ETFs that are launching next week. It’s almost a perfect setup for us to go higher from here.”
He also said he is seeing signs of cryptocurrency investors allocating capital to quality projects. “We are seeing very strong signs of an accumulation of certain high-quality tokens across the market. There seems to be a movement towards coins with clear fundamentals.”
