Stephen Ehrlich, the CEO of Voyager, a startup that provides retail and institutional investors with cryptocurrency trading solutions, is bullish on the future of crypto despite the ongoing bear market.
According to a recently published blog post, Ehrlich sees the underlying growth of the industry as a very encouraging sign. He highlights the fact that the total number of crypto users has nearly doubled from 85 million to 139 million, while major financial institutions including Nasdaq, ICE, Fidelity and Goldman Sachs have made substantial long-term bets on the future of the industry.
Ehrlich also thinks the difficulties for ICO projects and other crypto startups are not yet over, with many still at risk of folding — a necessary process that will separate the wheat from the chaff.
“As the crypto winter continues, more companies will be tested, and only those with valuable products, adequate funding, and long-term business strategies will survive,” Ehrlich said. “As more legitimate businesses emerge and prove their worth, more investors will feel confident entering the crypto market.”
As we previously reported, multiple high-profile crypto companies have been forced to consolidate their operations. Most recently, we’ve seen Steemit, Inc. lay off 70% of its staff and ConsenSys, the Ethereum development studio founded by Joseph Lubin, let go of 13% of its 1,200-person staff.
While it’s difficult to predict when the cryptocurrency market will recover, it’s clear that the industry leaders who are building the next generation of products and companies are focused on thriving after the bear market finally ends.
Voyager’s own trading app is currently in public beta, allowing investors to try out the platform commission-free with as little as $10.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.