The World Economic Forum (WEF) in Davos, Switzerland ended. Since there is always a kind of a tradition to make a summary, it is worth noting that the rhetoric regarding cryptocurrency and Bitcoin was, to put it mildly, far from positive.
However, some don’t think so. For example, there is Jeff SCHUMACHER, the founder of BCG Digital Ventures, a company investing in blockchain technology. He was the first one to attack cryptos on the CNBC panel discussion. In his statement, he clearly distinguished the line between blockchain and cryptocurrency, noting that he firmly believes in the future of the first, at the same time calling Bitcoin a “pseudo-currency”, which, in his opinion, costs nothing:
Another well-known investor who spoke at the CNBC panel discussion was North Island Chairman Glenn HUTCHINS, and he expressed an almost similar opinion. The investor said that his company focused precisely on the technology itself, and not on cryptocurrencies.
"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."
"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. In other words, what is the underlying protocol going to do as a consequence of which, which tokens are valuable or not,"
— Hutchins explained his position but also added that there is a high probability that the cryptocurrency will eventually become a means for storing value.
Certainly, such statements could not be ignored by well-known crypto enthusiasts. Joseph YOUNG, an investor and contributor to Forbes and Cointelegraph, quipped on Twitter in response to Schumacher's statements: “Airplanes will go to zero, while engines have potential.”
Airplanes will go to zero while engines have potentialhttps://t.co/w0gzzPPVAi— Joseph Young (@iamjosephyoung) 23 января 2019 г.
Andreas ANTONOPOULOS, a renowned expert in cryptocurrency and cybersecurity, and a tutor at the University of Nicosia, also expressed his embarrassment. He noted that blockchain and Bitcoin are so closely interrelated that it is almost impossible to separate them:
“Blockchain is one of the four foundational technologies behind Bitcoin and it can’t stand alone. But that hasn’t stopped people from trying to sell it. Blockchain is Bitcoin with a haircut and a suit you parade in front of your board. It is the ability to deliver sanitized clean comfortable version of the blockchain of Bitcoin to people who are too terrified of actually disruptive technology. ”
Of course, there is an undisputed trump card in the hands of crypto skeptics — the current situation in the cryptocurrency market is poor and still no sign of awakening. However, even prominent financial analysts, who are far enough from the cryptocurrency industry, are sure that bitcoin and cryptocurrency are not worth zero. For example, Mohamed EL-ERIAN, Allianz chief economic adviser, stated to Reuters that cryptocurrency would survive the current bear market: "They will become more and more widespread, but they will be part of an ecosystem."
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