The second day of the 2018 ETC Summit, held in South Korea, began with Fundstrat’s Tom Lee talking about the first time he actually entered Bitcoin (BTC) and how the pure crypto-currency economy opened a vision of what to do for him.
Lee, who was on the panel discussion on the two days of the conference, talked about the similarities between cryptocurrencies and traditional financial tools, such as titles and actions. It was pointed out to the public that in both cases branding was correct, with another similar tangent being the amount of time it took for people to understand some details about the two commodities.
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The financial expert also talked about how the crypto-coins themselves are something that needs to be used, unlike traditional commodities that needed “guarantees and receipts.” The discussion has changed to the price after crypto-traders have seen the price of crypto-currencies fall dramatically.
The financial analyst was confident that products and services in the crypto industry are going through leaps and bounds and in a few years they will also come close to stock and bond standards.
Continuing the price rush, Lee went on to say that in cryptocurrencies, retail investors make up nearly 90-95% of total investment, turning institutional investors into a niche. This, he said, was a huge disparity with the traditional financial market, where institutional investors played a much larger role.
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Tom Lee was also asked about his theory of connecting Metcalfe’s law with the cryptomoeda industry. He said:
Lee then talked about what is to come in the future for Bitcoin and the crypto-coins industry in general. He said the technology is available to everyone and that sometimes the rise and fall can be confusing, citing examples of Dogecoin (DOGE) astronomical shots while other currencies were falling. According to him, the recent accident showed that the advertising campaign of 2017 was misleading and that there is a need to clean up the ecosystem.
He added that the need of the hour is to implement new technologies such as smart contracts that will really boost the market and promote the cause of the cryptomoedas sector. He elucidated on the “FANG” (Facebook, Amazon, Netflix, Google), an elite club that runs the crypto-coins market said that in the future criptomoedas will be part of the FANG club.