"Asking where the bottom is, is like asking what's the weather gonna be in a year. Nobody has any idea, it's gonna bottom when it bottoms. It has bottomed every time before and risen from the ashes many, many times. Or from what people said was the ashes." This is what Lou Kerner thinks of this week's crypto market meltdown.
"For people who've been in it for a while, I hope it goes up today, I hope it goes up tomorrow. I have no doubt that in 20 years it's gonna be higher than it is today. We're not trying to guess where Bitcoin is gonna be in five minutes or five days. We're looking out, five years, 10 years, 20 years," Kerner a venture capitalist and the founder of Crypto Oracle said in an interview with BLOCKTV.
"The ICO market has been in market decline for the entire year. Now we have returned to investing in equity like it has always been. And that's what's gonna drive crypto forward. The right way to think of coins is simply the same way we look at frequent flyer miles – a way for companies to incentivize people to use the product, use the service to drive the ecosystem."
Asked whether he thinks that deep regulation of the market will benefit the industry and advance it, or merely weaken it further, Kerner said: "Regulators have two choices: they can roll out the red tape or they can roll out the red carpet. And they roll out the red tape at their own peril because this is happening. It doesn't matter what the regulators do. The regulators in China don't allow Google in, they don't allow Facebook in, and would Facebook and Google be bigger if they were in China? Of course, they would. But they're still massively, massively, massively valuable companies. So regulators are not going to diminish it. They are not going to stop this from happening."