Despite being pretty nascent, the world of blockchain and cryptocurrencies has become filled with a lot of blockchain and crypto startups. More than 2000 crypto and blockchain-linked projects are listed on CoinMarketCap right now. Moving forward, are all of these altcoins and blockchain-based companies going to survive?
BlockPublisher recently got in touch with the founder of Elevated District Media and crypto investor, Michael Nye, in order to get his opinions regarding this world of crypto and blockchain as he is actively involved in it. In reply to the question regarding the survival of different cryptocurrencies moving into the future, Michael said:
Nye: “I think it depends on how long we stay in this bear market. I think a lot of companies are going to continually run out of money, run out of funding. Developers are going to continue to quit as time goes on if they don’t see the progress they want to see being made. I think a lot of these things are going to happen.
So, I think that’s what’s going to happen over the next 12 months, we’re gonna see a lot more projects die which is really why I’m not investing in altcoins right now. In terms of my personal investments, I’ve got some bitcoins, some litecoins, some privacy coins, and I’m just going to sit on the sidelines accumulate that until things turn around. I’m not getting greedy with it.”
As suggested by some experts in this game, it is not likely that all of the companies listed on CoinMaketCap are going to survive. In the hindsight of the bear run that has been continuing on for quite some time, we saw a lot of projects laying off employees in order to expand their runways. It seems only natural that unless strong use-cases and actual real-life applications are not provided by the projects, they will likely wipe out. The major ones have already made their strongholds in the market for now, but for the upcoming ones, it is necessary that they come up with efficient solutions to real-world problems. If they are not able to do so, things seem a bit bleak.
It will be interesting to see which projects get shut down and which projects rise to the occasion and go mainstream in 2019. Hold tight.