With Dogecoin as a case study, meme coins could do well in terms of massive growth.
Coinbase co-founder Fred Ehrsam said in an interview with Bloomberg TV that the Dogecoin’s story shows cryptocurrencies why it’s haste to give up a good meme that could reflect in concrete progress.
After Ehrsam met Brian Armstrong on the Bitcoin (BTC) subreddit, the largest cryptocurrency exchange in the US, Coinbase, was launched out of a two-bedroom apartment in San Francisco.
“It did seem like a crazy idea at the time,” said Ehrsam, a computer scientist and engineer by enthusiasm and a “hardcore” gamer by passion, who left his FX trading position at Goldman Sachs in 2012, in order to pursue cryptocurrency and build the company.
Ehrsam told Chang adding that “History has yet to be written.” Crypto is a subtle subject, and the United States may have misunderstood it.”
He also said that cryptocurrency is the next Internet-scale opportunity in the United States, although he is not opposed to regulators and measures and risk mitigation.
However, Ehrsam is concerned that China may defeat the United States in terms of cryptocurrency and sees the country’s latest crackdown on the mining industry as an opportunity for other countries to strengthen the game and make it more decentralized. It can help the United States “solve Internet privacy issues.”
In 2017, when the “doors opened” and Ethereum (ETH) appeared, it indicated that blockchain-based applications were possible, he discovered a “new field”, left Coinbase, and established its own blockchain investment company.
Ehrsam said: “Crypto is its own nest,” he added that Paradigm deals with it from three main aspects of crypto: new digital currency, new financial system, and extensive Internet application platforms, and adding that when appropriate, consumer applications and mainstream NFTs may become the “frontier of DeFi.”
He saw that the number of NFT markets would decline and eventually “90% would be worthless”, but said that the technology itself is very valuable, and those few survivors will remain an important cornerstone for further development.
“I can even say that 90% of NFTs may have little value in three to five years. But the same can be said for early Internet companies in the late 1990s,” he said.
Ehrsam joked that NFTs made it really apparent to crypto insiders and nerds that the rest of the world pays more attention to culture, music, and art, explaining how they raise the general awareness of cryptocurrency and expanding its audience.
