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Ava Labs CEO Emin Gün Sirer said the crypto industry is “incredibly undervalued” because the masses do not understand how superior blockchain and crypto technology is to that used by the traditional financial sector.
Anybody that has experience on Wall Street and the technology used for accounting, reconciliation and automated services there will understand that “crypto is miles ahead,” he said in an interview with Real Vision.
“They’re trying to still employ COBOL [Common Business Oriented Language] programmers for keeping their systems up,” he said. “And then take a look at a system, a modern system like Avalanche or Ethereum, it’s just miles ahead.”
What are the key advantages to building on Avalanche, and what major upgrades are coming up this year?@el33th4xor goes in depth about all things Avalanche with @AshBennington on @realvision! https://t.co/cv7tgUOfPj
— Avalanche 🔺 (@avax) April 5, 2024
Ava Labs CEO Says Valuation Of Crypto ”Missing A Zero Or Two”
The masses are oblivious towards the potential of crypto and blockchain technology to transform the financial space, he added.
“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,” he said. “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.”
Flash loans were mentioned as an example of “really amazing” technology that can introduce a higher level of efficiency in the traditional financial sector.
People also have not realized the democratization that the crypto space can unlock, and “society is way behind on the value proposition” offered by Web3 technology, the Ava Labs CEO said.
“There’s something fundamentally different” about how developers build services in the crypto and blockchain space when compared to the traditional financial sector, he added.
“Crypto is here to stay and it’s so much better, ” Gün Sirer said. If people “just realized the societal impact” that the crypto space could have, the digital asset sector can finally embark on a journey towards unlocking its full potential, he argued.
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