Another Bitcoin Obituary at Davos: “Bitcoin will go to Zero” Declares Blockchain Panelist
Top leaders and business elites from across the world come together in the Alpine town of Davos every year to discuss the state of economics and plan for a better future. The price of Bitcoin during last years World Economic Forum was over $10,000, having lost over 65% of its value since then Bitcoin (BTC) is currently trading less than $3600.
Speaking at the CNBC’s Blockchain panel Jeff Schumacher, founder of BCG Digital Ventures said that Bitcoin is useless as a currency hence it will eventually go to Zero.
“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything,”
The other panelists included CEO of Ripple Brad Garlinghouse, Glenn Hutchins, co-founder of Silver Lake Partners and 500 Startups Partner, Edith Yeung. The other panelists didn’t seem to agree that Bitcoin would necessarily go to zero but acknowledged that it could be a store of value or Digital Gold.
Mr. Hutchins from Silver Lake Partners sees Bitcoin as a store of value rather than a currency in the future. He said:
“It might be that the role of bitcoin in the system could be to bring value back, to hold your value there while you have tokens that have other use cases that you aren’t using at the moment,”
He also stressed the importance of the underlying Blockchain technology protocol which should be evaluated based on their utility, he said:
“I am much less interested in investing around bitcoin as a currency unit or a currency equivalent, or even the blockchain as an accounting ledger. I am thinking much more about the protocols.”
The other panelists also seemed to agree that Blockchain technology was here to stay. Yeung said that the adoption of Blockchain would happen primarily in Asia and in developing countries as there is no particular infrastructure in place for quick payments.
The panel also discussed the time horizon for widespread adoption of Blockchain. Ripple’s Brad Garlinghouse said it would take 5 years whereas Schumacher said it would take three.
CNN reports that this year’s Crypto hype in Davos is far soberer than last years, some people have also expressed negativity but the discussions overall seem to be more mature.
There have been more than 350 obituaries for Bitcoin over the course of its existence. But Bitcoin seems to keep thriving.
Image Source (Modified): Unsplash
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