Heated debates are warming up the icy snow-capped city of #Davos during this year’s World Economic Forum. BOE senior adviser yesterday said that #cryptocurrencies were worthless. Today, BCG Digital Ventures founder Jeff #Schumacher said Bitcoin price will fall to zero.
Schumacher is a top #investor and relative veteran in the space. He told an open-mouthed CNBC panel that he believed bitcoin has no #value and that it was useless as a #currency. Instead, he’s far more interested in #blockchain technology.
‘Bitcoin will go to zero’: Davos talks up the future of blockchain tech https://cnb.cx/2Duqogw
‘Bitcoin will go to zero’: Davos talks up the future of blockchain tech
Top experts #discussed the future of blockchain and cryptocurrency during a CNBC-hosted panel at the #Sanctuary in Davos.
Other #panelists included Ripple’s Brad #Garlinghouse, Silver Lake Partners Co-Founder Glenn Hutchins, and 500 Startups Partner, Edith #Yeung. They discussed, dissected, and debated the future of blockchain technology.
Bitcoin Not a #Currency and Not Based on Anything
All panelists agreed that blockchain technology will drive the future of applications and finance. However, Schumacher insisted that while bitcoin may be a great technology, it had no intrinsic value:
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 industry’s had its share of analysists predicting that #bitcoin price will fall lower than $3,000, with one infamous #Bloomberg analyst calling for a floor of $1.5K.
We’ve also heard doom and gloom spelled out for #Ethereum being useless as a currency and a developer platform instead.
But it’s rare to hear people on the inside invested in the space calling for a zero-value #bitcoin.
Blockchain #Adoption in Three to Five Years
Not everyone was in #agreement this chilly morning in Davos. Although, Glenn Hutchins, co-founder of Silver Lake Partners, said that rather than a #currency, he saw bitcoin’s role in the future more as a store of value:
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.
He also added that his main concern wasn’t the price of bitcoin but the #advancement of the underlying blockchain technology, to which his #panelists agreed.
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.
Yeung argued that blockchain adoption will happen most quickly in the payments area, specifically in Asia. Garlinghouse said that he expected widespread #adoption of blockchain technology in about five years, while Schumacher called for three.
However, it was Hutchins who hit the nail on the #head. He said that, in the end, people won’t care about whether it’s blockchain #technology that’s being used–they just want a better product.
Eventually what’s going to happen is you are going to put something of value in, something of #value will come out the other side and you are not going to care what the underlying #technology is.