As the calendar turned from 2018 to 2019, proponents of the cryptocurrency world were hopeful of a resounding year, one that will herald a return of the bulls as institutional investors arrive. However, the co-founder of San-Francisco based CoinList, Andy Bromberg disagrees.
Bromberg is not too optimistic about the bullish swing for the crypto-industry, stating that 2019 will be a “quiet” year. He stated that the focus should be on building the cryptocurrency space and “actually creating new things,” hence predicting a calm year for the industry.
“It feels like a little bit of a Mesopotamia, ‘cradle of civilization’ moment, where everyone has the ingredients they need, needs to focus in and start to build out those empires, and create what the future is going to look like, and that’s what this year is going to be about.”
CoinList, which primarily concerns itself with listing Initial Coin Offerings [ICOs], was pegged to be in hot-water following 2018’s ICO downfall, which saw over-reaching tokenizations and rampant frauds. Bromberg affirmed the same, stating:
“We had this first wave of massive hype around ICOs in 2017, early 2018, and then a little bit of a pullback.”
Since the company began operations, it has listed only five ICOs: Filecoin, Blockstack, Props, Origin, and TrustToken, with offerings to accredited investors with no company launching yet.
Bromberg citied “regulatory risks” for the same, but stated that companies have adhered to the guidelines:
“But people have been doing ICOs in what we would consider a compliant way since the beginning of them… Filecoin, Blockstack, some of these really big token sales, they did it treating it like a securities offering, and that’s the compliant way to treat these.”
Since CoinList has only fronted ICOs to those who can afford to take-up the risk, Bromberg was asked if this goes against the principle of ‘democratizing finance’ which the decentralized currency world upholds. He responded:
“You have to follow the regulation that exists today. And I do think it’s important to note that a level of democratization has still happened here, even if we’re restricting to just accredited investors.”
“Now what we’ve seen is the token sale paradigm has created a social change where hundreds or thousands of people from around the world can invest in these offerings.”
January saw Bitcoin [BTC] crash to under $3,500 and with that, the collective market cap dipped to $112 billion after a series of downtrends that pushed several coins to record-lows. Despite this, Bromberg remains hopeful and echoes the line of several crypto-hopefuls: price is not what matters.
Finally, the CoinList co-founder concluded that he would like for the price to be higher, but building the crypto-space should be the prime concern.
In his own words:
“But in lieu of that, I will take building, I will take results, I will take usage.”