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A former Goldman Sachs VP who founded a crypto hedge fund says betting on bitcoin is like betting on the internet in the 90s

Matthew Goetz, a former Goldman Sachs vice president, founded BlockTower Capital, a crypto hedge fund, this year.

The cryptocurrency market has exploded this year with over 1,000 digital currencies now on the market.

And it's all about who has the most cutting edge cryptographic technology, who can build features the fastest to make developers come build their smart contracts and decentralized applications on top of those platforms."

"If you look at other industries across history, there's a real chance that just because the first mover got out there doesn't mean that that's the one that ends up ultimately winning and capturing all the value," he said.

"For some cryptocurrencies that are in a more competitive space, like decentralized file-storage, there are a number of projects attacking that," he added.

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And there are incumbents, he says, such as Amazon Azure and DropBox.

But it's still early days. Goetz says if you liken cryptocurrencies to the internet, then we are still in 1992. Just like bets during the early days of the internet were risky, so too are bets in the crypto market today.

"You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along," he concluded.

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