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Bitcoin [BTC] might go to “Zero”, say prominent people in the industry




Bitcoin [BTC] might go to "Zero" say prominent people in the industry
Source: Unsplash

Ripple’s CEO, Brad Garlinghouse, Jeff Schumacker, the CEO and founder at BCG Digital Ventures, Glen Hutchins, co-founder of Silver Lake Partners, and Edith Yeung, partner at 500 startups, spoke at a panel in World Economic Forum 2019 at Davos on January 22, 2019 on various topics related to blockchain and fintech.

Jeff Schumacher addressed his previous prediction about Bitcoin going to zero and said that Bitcoin as a currency was not based on anything, but added that he liked the technology behind it. He continued:

“if it became the standard currency and because of the Proof-of-Work model that it sits on; if it got to be the gold standard… if Bitcoin was pegged against gold standard which is about seven trillion-ish dollars it would be responsible for 20% of the world’s co2 production.
So just by that alone tells you it’s not it’s not gonna be the go-forward thing, at least for my view.”

Glenn Hutchins said that he wasn’t interested in investing in Bitcoin as a form of currency equivalent, but in the underlying protocol and what it does. He added:

“I don’t think you can make any judgment about the potential for this industry as a consequence of what happened to the value of the tokens over the last 12 months.
I think that’s just wrong-headed thinking, but the way to think about the value of the tokens is as the derivatives of the use value of the protocols that they enable.”

Furthermore, he said that he agreed partly with Jeff Schumacher and said that Bitcoin will not be the major coin in the industry. Hutchins went on to say that Bitcoin has a chance to become a store of value since it works on a PoW and it was “the most decentralized and most secure, it could be the place where we could store value.”

Brad Garlinghouse said that he was also in agreement with the rest on the fact that the longterm value of any digital asset or token would be derived from the utility that it delivers.

Garlinghouse said:

“I agree with Jeff that, if you take Bitcoin as it exists today as a static thing, the scalability problems and proof of work as a model has some real significant limitations. There are lots of people trying to improve that, maybe they’ll be successful, maybe they won’t.”

Moreover, Garlinghouse continued saying that he was not prepared to say that Bitcoin was going to zero and that he still owns a lot of Bitcoin. In addition, he agreed with Glenn on Bitcoin becoming a store of value.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

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