Jeff Schumacher Claims Bitcoin Price Will Tank to ‘Zero’
The icy snow-capped city of Davos is witnessing some heated debates during this year’s World Economic Forum and some of them being about cryptocurrency. The latest round of anti-cryptocurrency came from BCG Digital Ventures founder Jeff Schumacher said Bitcoin (BTC) price will fall to zero.
Being a top investor and relative veteran in the financial market, Schumacher told an open-mouthed CNBC panel that bitcoin has no value and that it was useless as a currency. However, he is quite 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 Is Not a Currency
The panelists agreed that blockchain technology will bring in a brighter future of applications and finance. While Schumacher asserts that 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.
Several analysts have predicted that bitcoin price will fall lower than $3,000, in fact, at Davos summit itself, the Senior Adviser To Bank Of England called cryptocurrencies worthless.
Glenn Hutchins, the co-founder of Silver Lake Partners, says that 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 added that his main concern wasn’t the price of bitcoin, however, 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 further argued that blockchain adoption will be quicker in the payments area, specifically in Asia. While Garlinghouse stated that gives a mainstream blockchain technology, in about five years, Schumacher marks it for three years.
However, Hutchins stated 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.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.