Bitcoin Price Will Tank to ‘Zero’, Claims Investment Firm Chief at Davos

Image: Shutterstock

By 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.

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.

Author: Christina Comben

Source link

Related posts

16 Thoughts to “Bitcoin Price Will Tank to ‘Zero’, Claims Investment Firm Chief at Davos”

  1. This paragraph is actually a good one it assists new the web people, who
    are wishing in favor of blogging.

  2. Thanks designed for sharing such a good thought, post is pleasant,
    thats why i have read it entirely

  3. Quality posts is the crucial to be a focus for the people
    to pay a quick visit the site, that’s what this site
    is providing.

  4. g

    Wonderful goods from you, man. I have understand your stuff
    previous to and you are just extremely magnificent.

    I really like what you’ve acquired here, certainly like what you are saying and the way in which you say it.
    You make it entertaining and you still care for to keep it smart.
    I can’t wait to read much more from you. This is actually a
    great site.

  5. I really like your article. It’s evident that you have a lot knowledge on this topic. Your points are well made and relatable. Thanks for writing engaging and interesting material.

  6. Made to measure curtains… […]check out the sites listed below, worth a read for interiors and rugs enthusiasts[…]…

  7. Have you ever thought about creating an ebook or guest authoring on other sites?
    I have a blog based on the same information you discuss and would really
    like to have you share some stories/information.
    I know my readers would enjoy your work. If you’re even remotely interested,
    feel free to send me an email.

  8. Heya i’m for the primary time here. I came across this board and I
    in finding It really useful & it helped me out much. I am hoping to offer one thing back
    and help others such as you helped me.

  9. I am really happy to read this web site posts which consists of tons of helpful
    data, thanks for providing these kinds of statistics.

  10. I would like to thank you for the efforts you’ve put in penning this website.
    I really hope to view the same high-grade content by you in the
    future as well. In fact, your creative writing abilities
    has encouraged me to get my own, personal website now 😉

  11. Simply wish to say your article is as surprising.
    The clarity in your post is simply cool and i could assume you are an expert on this
    subject. Fine with your permission allow me to grab your RSS
    feed to keep updated with forthcoming post. Thanks a million and please
    carry on the enjoyable work.

  12. I’ll right away seize your rss as I can not in finding your e-mail subscription link or newsletter service.
    Do you’ve any? Please allow me realize in order that I may just
    subscribe. Thanks.

  13. What’s up i am kavin, its my first occasion to commenting
    anywhere, when i read this article i thought i could also make comment due to this good piece of

  14. What’s up, this weekend is fastidious for me, since this moment i
    am reading this wonderful educational article here at my home.
    natalielise plenty of fish

  15. The other day, while I was at work, my sister stole my
    iphone and tested to see if it can survive a thirty foot
    drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views.
    I know this is completely off topic but I had to share it with someone!

  16. With havin so much written content do you ever run into any problems of plagorism or copyright infringement?
    My site has a lot of completely unique content I’ve either authored myself or outsourced but it looks like a lot of
    it is popping it up all over the internet without my authorization. Do you know any solutions to help protect against content from being stolen? I’d really appreciate it.

Leave a Comment