Former Nasdaq Chairman Glen Hutchins Bets on Other Cryptocurrencies

The battle within different cryptocurrencies has reached a new high, especially when altcoins have been leading the charge in past one month posing a stiff competition to Bitcoin. Unlike earlier, when Bitcoin used to be the sole market driver, altcoins have shown considerable strength in the market momentum, in recent times.

One of the early investors and supporter of cryptocurrencies - Glen Hutchins - has talked about how public investors could successfully determine which cryptocurrencies can sustain for the long-term and are here to stay. Hutchins also highlighted that fact that some leading cryptocurrencies will possibly fade away while others will successfully take over the marketplace.

Mr Hutchins who has also remained as a former chairman of Nasdaq compared the cryptocurrency playground to that with the Internet. Referring to a few commercial websites online, Hutchins said "You want to Google - you don't want to be Pets.Com.”

During a recent talk with Fox Business News, Mr. Hutchins was asked about how to know that which cryptocurrency would be the “right answer”, to which he said: "It's difficult. The price is a distraction - rather you should focus on the means of exchange. It’s a very small nascent property that has potential to be transformative. Bitcoin could be the wrong solution - and other tokens like Ethereum or Ripple could end up being the right answer. Can you take that technology and use it as a solution for an important customer problem? That's the question investors need to monitor.”

Mr Hutchins is reported to have pumped around £4m in series of investments in several companies operating in cryptocurrency space. He said: "I just really think people are missing the point. They should be talking about the companies. It’s the biggest opportunity I’ve seen because the two most important things are business information and value. We can now move information around the world at the speed of light at no cost. Why can’t we do that with value in the future?”

This year of 2018 is likely to give direction as to which cryptocurrencies and the technology backing it holds the potential to sustains against all odds and meet investors demand thereby putting a sustainable model for instant money transfer across the globe and at reduced cost.