Since the start of 2018, the value of the crypto market has experienced a massive drop, with many “real” and “self-proclaimed” crypto analysts speaking for or against the industry.
Among those who are not too optimistic about the value of cryptocurrencies is a Ukrainian-born American computer scientist, Max Levchin, Co-founder of Paypal and CEO of Affirm, a San Francisco-based financial company.
Levchin in an interview with Bloomberg on Nov 13, talked about many things ranging from technology to the current state of the stock market while focusing on cryptocurrencies and the tech behind them.
When asked about the crypto industry, considering the price slide that the markets have experienced since the beginning of 2018, Levchin, a known crypto skeptic, said that the buzz around the cryptos is fascinating, and even though he is happy with what the industry has accomplished in the past, cryptocurrencies are still not a good one due to their unpredictable nature.
“It (cryptocurrency) is not a good currency, you can’t expect it to hold its value, you can’t expect it to be there tomorrow, and it is not a great commodity anymore,” Levchin said in the interview.
This according to him is because it is rather difficult for anyone to predict the outcome of cryptos, as no generally accepted model determines its value.
Despite the uncertainty associated with the crypto industry, Levchin is still convinced that the currency will become more valuable soon than it has ever been.
Levchin claimed he has never purchased or invested in cryptocurrencies because he does not speculate and would not want to experience what many crypto investors went through in January.
He went further to commend the impact of the blockchain technology and its application in various sectors of the world’s economy, stating that he “buys into the technology value that it brings.”
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