One early Bitcoin millionaire and investor has resurfaced with a startling revelation. Back in the day, Jered Kenna was one of the most influential people in the cryptocurrency industry and specifically with Bitcoin. It is this love that saw him become an early adopter and with it one of the earliest Bitcoin millionaires. Now, after nearly three years of silence, he has come back. But his return has sent ringing bells on the future of the market. Kenna has stated that he has lost his love for the industry.
Jered Kenna years ago headed TradeHill Inc, the U.S.’s first cryptocurrency exchange. At the time, the exchange managed a quarter of all Bitcoin trades in the world. He at the time held thousands of Bitcoin. Now he says he only owns half a Bitcoin.
Why Is The Bitcoin Millionaire Giving Up?
The millionaire has expressed concern that the industry is no longer what it used to be. Bitcoin has become a speculative asset and all that people now talk about is price. He explains that the industry has lost its fundamental. When it began, the objective was revolutionizing payments and challenging the banking system. This has since changed and crypto has become speculative with prices being all the talk and objective.
Part of the reason to blame for this is the emergence of altcoins, or in other words shitcoins. Back in 2017, Initial Coin Offerings were at an all-time high and investors were buying them in large volumes. At the time, most didn’t even comprehend what cryptocurrencies were. This came crashing in 2018 when investors began cashing out on realizing what they bought or realizing their investment value was not growing as fast as promised.
Development And Adoption Should Drive Prices
Kenna’s warning comes at a time when the market has just begun recovering and experts are calling for a market revival. For Bitcoin, fundamentals are in 2019 hitting major milestones and setting new records. This is a good sign that development and adoption is on the rise. If the same continues, prices will catch up. But, if we get caught up with prices rather than development and adoption, the industry could fall.
Thanks for reading! Please subscribe to my profile if you want to get more news and let us catch up on the next piece.