Excerpt from Crain’s New York Business quoting DataTrek’s Nick Colas:
….. “Don’t bet on a turnaround anytime soon. Google searches for bitcoin are down 93% from late last year, according to DataTrek Research, and growth in wallets—i.e., accounts—was just 3% last month, compared with 10.5% in December 2017. The currency is so unstable, its only practical value lies in speculation.
Wall Street analysts draw parallels between the crash in cryptocurrencies and the dot-com bust of the early 2000s. The latter mess spawned such successes as Amazon but also hundreds of companies never heard from again, including Webvan and pets.com. Webvan might be instructive for bitcoin believers because it was an online grocer whose failure provided helpful lessons for Fresh Direct. Sometimes there’s a long lag between the first burst of enthusiasm for a technology and when it finally achieves mass adoption”…..
Read the whole article here in Crain’s New York!