As sharp sell-offs continue in the cryptocurrency markets, technology investor and entrepreneur Balaji Srinivasan made some noteworthy statements.
Srinivasan stated that he maintains his long-term optimism towards crypto assets regardless of short-term price movements, saying, “I’ve never been this bullish on crypto.”
Srinivasan argued that the current global order is undergoing a transformation, stating, “The rules-based order is collapsing, and the code-based order is rising. Therefore, short-term price movements are not important.” Claiming that we are entering a period of weakening international law, Srinivasan suggested that in the future, there will be a need not only for on-chain currencies but also for on-chain companies.
According to Srinivasan, the global order established after World War II is unraveling, giving way to a “post-internet order.” Srinivasan argued that states may weaken, while network-based structures will gain power. “We need internet capitalism, internet democracy, and internet privacy. That’s why we need cryptocurrencies,” he said.
Despite Srinivasan’s long-term optimism, selling pressure continues in the markets. Bitcoin tested below $62,000 today, highlighting the weakening of investor confidence.
*This is not investment advice.
