Ava Labs CEO Emin Gün Sirer believes that the masses are completely clueless about the technological innovations of crypto and blockchain.
The CEO of the Avalanche (AVAX) development firm says in a new Real Vision interview that the “entire [crypto] space is incredibly undervalued.”
According to Gün Sirer, cryptocurrency and blockchain technologies are far superior to the technologies used in the traditional finance system.
“The space is too, too big and the functionality it brings, the new things you can do here are just too valuable. And if anybody has any experience on Wall Street with what they actually use for accounting, what they use for reconciliation, what they use for automated services, what we can do in crypto is miles ahead of it.
And just go look at their systems, layers upon layers. They’re trying to still employ COBOL (Common Business Oriented Language) programmers for keeping their systems up. And then take a look at a system, a modern system like Avalanche or Ethereum, it’s just miles ahead.”
Gün Sirer goes on to say that the general public is unaware of how crypto and blockchain are transforming finance.
“They don’t know what a smart contract chain can do for them. They haven’t really seen a lending platform and how easy it is to use. They don’t understand the efficiencies that flash loans can bring to finance. So these are really amazing. And they don’t understand the democratization that this space brings.”
According to Gün Sirer, the crypto space should be worth 10x to 100x more than its current valuation.
“I think society is way behind on the value proposition offered by these new systems. It’s not all about ape pictures and stuff. It’s not all about speculation. There’s something fundamentally different about the way we build services…
I don’t think it has sunk in yet that crypto is here to stay and it’s so much better.
So the valuation of the entire space, I think at this point in time, is missing a zero or two. So we are way below where we could be if people realized the societal impact that the space could have.”
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