Gavin Wood, the co-founder of Ethereum and creator of Polkadot and Kasuma, shared his advice to crypto investors during the ongoing price plunge. While another veteran investor Jim Rogers expressed his “optimism about the future of crypto money.”
After a market drop that wiped away more than $800 billion in value, British computer scientist and Ethereum co-founder Gavin Wood believes that crypto investors should be more mindful of what is underpinning their holdings.
During the World Economic Forum in Davos, the 42-year-old co-founder of Ethereum and creator of Polkadot and Kasuma told Reuters that “people pay more attention to what is belying the currency name when they get involved in a community, ecosystem, economy.”
“The technology cannot prevent people from making mistakes but can help those who want to understand better the facts of the world, what they’re buying,” he added.
Commenting on the regulation of the crypto industry, Wood claimed:
“The internet has no real concept of legality because legality is something that is determined by sovereign nations.”
Noteworthy, Wood was the author of the term Web3 and founded the Web3 Foundation in 2017. It aims to reorganize the web away from big companies like Google to individual users by nurturing innovations and applications in decentralized web software protocols.
Meanwhile, veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he has “optimism about the future of crypto money,” however, he is skeptical of central bank digital currencies (CBDC) and warned that the world is looking for something to replace or compete with the US dollar.
“I have optimism about the future of crypto money but not government crypto money,” the Quantum Fund co-founder shared his outlook for crypto in an interview with the Economic Times Markets, with a warning: “Governments do not like competition. They like to keep their monopoly.”
Earlier, Rogers warned that governments could ban BTC and all other cryptocurrencies. “If cryptocurrencies become successful, most governments will outlaw them because they don’t want to lose their monopoly.”