Silicon Valley Technology Expert Jonathan Haas Talks COVID-19 And The Crypto Market

Silicon Valley Technology Expert Jonathan Haas Talks COVID-19 And The Crypto Market

In one of my previously written articles, I announced my intentions to conduct a series of interviews among tech and finance specialists to obtain a more comprehensive image of the current and upcoming market situation. I had an opportunity to approach several experts in the finance and new tech fields. In today’s post, I am happy to share Silicon Valley technology expert Jonathan Haas’ perspective of the current and upcoming cryptocurrency and global market situation.

Ivan Kv: What does the current crypto market look like to you? How is the market affected by the COVID-19 pandemic? Do you believe that there will be a large upcoming global recession as a result of the virus? If so, how will the recession affect crypto?

Jonathan Haas: The current market is largely remaining as volatile as ever. While there have been both inflows and outflows of institutional money into crypto since COVID-19 started impacting individuals on a world stage, it still is showing few signs of defined solidity. Whether or not crypto will be impacted by the likely upcoming recession remains to be seen. There does not appear to be an indisputable case wherein Bitcoin and other cryptocurrencies could (or should) replace the traditional economic system during this recession (for example, onboarding individuals to a new financial system during the largest modern financial crisis does not appear to have much efficacy).

Ivan Kv: We have been seeing a decrease in the crypto prices, which mirrors the moves of the stock market. Do you believe in Tim Draper’s theory that the Bitcoin price will hit $200,000+ by 2022? As an investor yourself, what advice would you give to folks who are willing to allocate funds toward some potentially hot asset?

Jonathan Haas: I do not. I believe his theory comes from many avenues, and I certainly would not complain if this were to happen, but there’s no clear reason as to why a Bitcoin could or should be worth that much money — especially given that the bulk of Bitcoins are simply held. With Bitcoin, as with any potentially volatile investment, one should only utilise the money one is willing to lose absolutely all of.

Ivan Kv: Are there any changes in your field of expertise these days? Have you seen anything change in the way that tech companies approach the subject of security?

Jonathan Haas: Not particularly. Companies are more readily adopting information security organisations, but this appears to largely be the result of growing regulation in the space, rather than any ulterior interest in deeper security. Finer regulations that are in tune with the industry will be incredibly helpful in this regard.

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