The Crypto Market is Now Undecided
According to Prince, the market has shifted from an “a painful [crypto] bear market into an undecided market.”
Prince who is also a former SVP at Cognical, a New York-based firm specializing in the consumer lending business, reportedly stated that:
“overall [his firm] remains incredibly bullish on the sector and believes” the bitcoin (BTC) price will be “between 25-200% higher at the end of 2019 than [it was] at the beginning of the year.”
Speaking on the rate at which crypto-backed lending has grown recently in comparison to traditional fiat-based loans, Prince commented: “Debt and credit are critical pieces of financial infrastructure in traditional markets and we believe that the same thing will be true for crypto.”
Stablecoins has Huge Potential
Prince also made some remarks, about the potential of stablecoins.
He stated that:
Stablecoins, I think [are] a reputable “Dollar Coin” [and they] will have a larger market cap than BTC at some point in the next five years. I think that this adoption is bullish for BTC. I [also believe] that intransparent and “pegged” stablecoins will lose in the market vs reputable / dollar backed alternatives.
Life Before Starting BlockFi
Speaking on how his past experience has helped shaped his current company success, Prince told stated that:
“Prior to starting BlockFi, I was in the online lending sector, which started at the “Peer to Peer” (P2P) lending sector. I think there will be similarities between the evolution of that sector and the crypto sector – though I think crypto is much more of a game changer and has a larger addressable market. In the early days of P2P lending, there was a big rallying cry against banks and institutions – and the idea was that you could deliver credit via an Ebay style P2P model more effectively.”