The former technical director of one of the leading Coinbase cryptoexchanges, Balaji Shrinivasan, said that the largest unicorns of the 2010s were by no means startups like Uber, Airbnb or Snapchat, but the world’s first decentralized cryptocurrency. So it can be argued at least based on how much time Bitcoin’s capitalization holds above $ 100 billion.
Bitcoin is better than companies
As the year comes to an end, all sorts of reports appear on the network every now and then. Although most of them focus on the annual productivity of various companies and sectors, evaluating large intervals often provides a much better understanding of the market picture.
The past decade has been turbulent, and we have watched the rise and fall of many industries. And although many are confident that the 2010s formed the technology sector, there are those who disagree with this.
Balaji Srinivasan has no doubt that of the modern enterprises that have reached an estimate of more than a billion dollars, the largest player is Bitcoin. According to him, none of those who launched around the same years as Bitcoin were able to demonstrate such performance . And this is a very important factor, if you evaluate the situation from the point of view of the investor. Here is his tweet on this topic.
Despite Shrinivasan’s confidence, his tweets were met with great criticism. Angel investor and philanthropist Sherwin Pishevar said that in general it is impossible to compare Bitcoin with companies like Uber . He acknowledged that both enterprises are excellent investments, but these are still different asset classes.
Other participants in the discussion drew attention to the fact that Bitcoin can be called anything, but certainly not a company . Nevertheless, Shrinivasan once again assured everyone that he was considering the largest cryptocurrency precisely as a technological investment, and the best in the last decade. In response to Qz technical editor Mike Murphy, he said that as more technology companies integrate decentralized protocols, protocol and company comparisons will be more common.
Many users agreed that the main driving force of the decade of Bitcoin was made by his attempts to undermine the established monetary system, and not a technological breakthrough.
TechCrunch technical information resource founder Michael Arrington praised Bitcoin for democratizing and decentralizing the investment process. Arrington, who once invested in unicorns like Uber and Airbnb, also said that Bitcoin pretty much equalizes all investors in rights.
As a rule, the initial offer of shares (IPOs) of technology companies leaves retail investors at a loss, even despite a crazy increase in capitalization. For example, shares of Uber during an IPO cost $ 45. And now they are valued at $ 28. The Slack IPO was held at a stock price of $ 26, which is currently trading at $ 22.
Due to the phased process of attracting financing, retail investors of such companies are the last to enter the market and often suffer either large losses or see relatively small growth. In turn, Bitcoin was available to retail investors from the very beginning .