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Davos: Is the Bitcoin price zero? Investors differentiate Bitcoin and Blockchain


During the World Economic Forum (WEF) in Davos, there were a considerable number of negative comments from investors and analysts regarding bitcoin (BTC) and cryptocurrency in general. The financial and political elite are doing well there these days, where even hot dogs cost $ 40.

There, a prominent investor drew a clear line between Blockchain and Bitcoin. He said he firmly believes in the future of Blockchain while ignoring Bitcoin as a pseudo-currency that would likely go to zero.

Davos is not Bitcoin friendly

The youngest Comments came from Jeff Schumacher, founder of BCG Digital Ventures, a blockchain focused investment firm. He told CNBC that bitcoin is interesting as a technology, but its value as a currency is zero.

“I think it (the bitcoin price) is close to zero. I think it's a great technology, but I do not think it's a currency. It's not based on anything fundamental, “he noted pessimistically.

Another prominent investor represented in the CNBC panel is Glenn Hutchins. This is the chairman of North Island. He felt that his focus as an investor remains on blockchain technology rather than on cryptocurrency per se.

“I am not interested in Bitcoin as a currency unit or currency equivalent, or even in to invest the blockchain as a “ledger”. I think a lot more about the protocols. In other words, the success of the underlying protocol determines which tokens are valuable and which are not, “explained Hutchins.

Bitcoin and Blockchain are deeply interwoven

Though While these investors are not thrilled with Bitcoin, they do not see that Bitcoin and Blockchain are largely intertwined.

Speaking about the relationship between Bitcoin and Blockchain, Andreas Antonopoulos said Blockchain can not survive solidly without Bitcoin , Blockchain compared him as “Worn Bitcoin in a nice suit that you can proudly show off your board.”

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“Blockchain is one of the four basic technologies behind Bitcoin and can not exist on its own. But that did not stop people from selling it. Blockchain is trimmed Bitcoin in a nice suit, which you can proudly show off your board. Blockchain without Bitcoin is for people who are too scared of the really disruptive technology, “explained Antonopoulos.

Joseph Young, another well-known personality in the crypto community, referred to the youngest Davos comments that Blockchain will succeed while Bitcoin will fail. According to him, this is synonymous with the statement: “Aircraft go to zero while engines have potential.”

Airplanes will go to zero while engines have potentialhttps: //t.co/w0gzzPPVAi

– Joseph Young (@iamjosephyoung) January 23, 2019

In addition, many prominent financial analysts who are not heavily involved in the cryptocurrency industry rejecting the “Bitcoin to zero” theory.

Mohamed El-Erian, the Alliance's lead economic adviser, said he was crying in late last year and said it would be hers survive the current bear market.

“I think cryptocurrencies will continue to exist. They will continue to spread and they will be part of an ecosystem. However, they will not become dominant, as some of the early experts believed, “he said.

Cryptocurrencies are still considered” wrong money “in much of the traditional financial industry. However, as they gain acceptance, they will also get more respect from the financial industry.

Source: Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/davos-faellt-der-bitcoin-kurs-auf-null-investoren-differieren-bitcoin-and-blockchain/

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