Ripple chief technology officer David Schwartz thinks the crypto sector is akin to the search engine industry in the year 2000.
In a new Twitter thread, Schwartz acknowledges that he doesn’t really have a good understanding of what impacts the price of crypto, but he has a theory that’s based on data, experience and his feelings about the industry.
According to the Ripple CTO, XRP may be underperforming due to the widespread uncertainty surrounding the space.
“Imagine I worked at Google in 2000 and I was telling you how search was going to be the next big thing and would eventually make billions of dollars of new wealth. You may not believe me. The markets sure didn’t believe that then.
But maybe I could convince you and you might become a true believer. Maybe you join Google. And you’d be in the right place at the right time. Gradually, the markets come to believe it too. And many millionaires were made that way.
But I could have said the same things at about the same time and been working at Ask, Ask Jeeves, Altavista, Lycos, and many other companies. They were also in the right place at the right time. That’s where I think crypto is now.”
Schwartz thinks investors are still attempting to figure out how big crypto is going to be, but they’re not ready yet to ascertain which projects will be the titans of the digital asset space like Google ended up being in terms of search engines.
“Eventually, as crypto matures, markets will be more ready to figure out which cryptos will be successful.”
At time of writing, XRP is changing hands for $0.344, up over 5% on the day.
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