Avalanche Founder Emin Gn Sirer Rather Optimistic About Crypto Market Outlook

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Emin Gn Sirer, creator of the Avalanche blockchain protocol, said the current drop in crypto prices has not dampened his enthusiasm for the future of the market in general.

Speaking to Cointelegraph China, Sirer took inspiration from his unique perspective to deliver some of the behind-the-scenes events regarding the growing level of interest in crypto exposure among entities outside the industry.

According to Sirer, everyone from politicians to central banks and even hedge funds have asked about crypto in the past year. Indeed, the influx of hedge funds and institutional money, in general, appeared to catalyze a massive parabolic advance for the crypto market, from Q4 2020 through to the market downturn in May.

Now the Cornell University professor has said that hedge funds aren’t the only big-money players entering the crypto space.

I have had contact with retirement funds, not hedge funds, but retirement funds, Sirer told Cointelegraph China, adding:

Very different coin, much slower but with maybe 10 times as many dollars under their control and they are slowly entering crypto.

Comments from the founders of Avalanche are in line with revelations from NYDIG, which said pension funds and sovereign wealth funds are the next major players to consider crypto exposure.

Despite Sirers’ long-term positive stance, the computer scientist said short-term price action for the crypto could remain stuck in a sideways beach-related build-up throughout the summer months.

I think we’ll see sideways markets. It will be a summer when the price levels will maybe stay horizontal, maybe go down a bit too. It can happen. But I expect a resurgence in October, November.

Sirer also spoke about the limitations of existing blockchain protocols, such as scalability and other performance issues. As part of the interview, Sirer noticed that the architecture of existing blockchain networks is not efficient enough to support all the assets in the world.

Related: Governments Look To Buy Bitcoin, NYDIG CEO Confirms

According to the professor, trying to solve these problems led to his creation of the Avalanche blockchain. Detailing the characteristics of Avalanche, Sirer listed attributes such as the ability to create custom blockchains called subnets and a community-driven governance architecture as combinations unique to the network.

Sirer also compared Avalanche with other major blockchains in the space, adding that its protocol delivers superior performance on those chains at lower operating costs.

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