Who better to ask about the surge in bitcoin and those funky digital crypto art projects everyone’s talking about than the folks who wrote the book on “How to Bitcoin”?
That’s CoinGecko, which bills itself as one of the world’s largest independent cryptocurrency data aggregators. The firm tracks price, market capitalization and other metrics on a dizzying number of crypto projects — some you’ve heard of and other space-age named ones you likely haven’t. (Fantom and Voyager Token, anyone?)
Based in Kuala Lumpur, the service was launched seven years ago to provide fundamental analysis of the crypto market.
“Back in 2013, there weren’t enough cryptocurrency resources available to do research in the market,” Bobby Ong, CoinGecko’s chief operating officer told TheStreet. So, he said, he and now-CEO TM Lee “brainstormed on a few ideas” and eventually decided to build the crypto-data aggregator that today is CoinGecko.
After years of hard work and “hustle,” CoinGecko is now one of the top 500 most visited websites globally, scoring 200 million page views in February, said Ong. The firm has also put out two books on crypto, “How to Bitcoin – Beginner’s guide to Bitcoin” and “How to DeFi – Beginner’s guide to Decentralized Finance (DeFi).”
TheStreet interviewed Ong about the state of crypto, his views on hot crypto projects like those digital art “non-fungible tokens,” the risks awaiting novice investors, and why bitcoin could hit $100,000 this year. Following is a lightly edited version of the exchange, which was conducted over email.
TheStreet: We are hearing a lot of chatter about how bitcoin could reach $100,000. How likely do you think that is?
Ong: I think Bitcoin reaching $100,000 is very likely to happen this year, because traditional institutions have started investing in bitcoin recently. MicroStrategy and Tesla (TSLA) – Get Report have opened the floodgates by showing how corporations can hold bitcoin on their corporate treasury to hedge against inflation. Now every CFO is researching bitcoin, and it is no longer considered career suicide to suggest bitcoin as an investment strategy. The upcoming Coinbase IPO, valuing Coinbase around $100 billion, will also provide another catalyst to promote bitcoin amongst institutional investors and will likely prompt more bitcoin buying.
TheStreet: Jumping off that question, are people so focused on bitcoin that they are failing to see the upward trends in other cryptocurrencies?
Ong: Bitcoin has successfully captured the “digital gold” narrative. When central banks are printing trillions of dollars in stimulus, it is not surprising that institutional investors would be looking for alternatives to retain the value of their money. This is just the beginning — investors will need to go through a learning curve before considering other cryptocurrencies such as Ethereum.
Regardless of the trend, bitcoin remains a dominant asset in the crypto space with a 60% market capitalization…