Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero

Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero 1

As the World Economic Forum (WEF) Continues in Davos, Switzerland, and the who’s-who of finance and politics enjoy $40 hot dogs, there is a significant amount of negative commentary coming from investors and analysts regarding Bitcoin (BTC) and cryptocurrencies.Most recently, one prominent investor drew a stark line between blockchain and Bitcoin, noting that he strongly believes in the future of the former, while disregarding the latter as a pseudo-currency that will likely “go to zero.”Davos Not Bitcoin FriendlyThe recent comments came from Jeff Schumacher, the founder of BCG Digital Ventures – a blockchain-focused investment firm – who told CNBC that although the Bitcoin as a technology is interesting, its value as a currency is null.“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,” he bearishly noted.Another prominent investor who was on the CNBC panel, Glenn Hutchins, the chairman of North Island, shared a similar sentiment, claiming that his focus as an investor remains on Blockchain technology.“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.Bitcoin and Blockchain are Thoroughly Intertwined  Although these investors aren’t excited about Bitcoin, they are neglecting to recognize that Bitcoin and blockchain are largely intertwined with one another.While giving a talk regarding the relationship between Bitcoin and blockchain, Andreas Antonopoulos said that blockchain cannot stand strong on its own without BTC, defining blockchain as “Bitcoin with a haircut and a suit you parade in front of your board.”“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,” Antonopoulos explained.Another popular figure within the cryptocurrency community, Joseph Young, referenced the recent Davos comments regarding blockchain being successful while Bitcoin fails, equating it to saying, “Airplanes will go to zero while engines have potential.”Airplanes will go to zero while engines have potential— Joseph Young (@iamjosephyoung) January 23, 2019
Furthermore, many prominent financial analysts who are not heavily involved in the cryptocurrency industry have dismissed the “BTC will go to zero” thought line.Mohamed El-Erian, the chief economic advisor at Allianz, discussed cryptocurrencies late last year, saying that cryptocurrencies will survive their current bear market.“I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,” he explained.Although cryptocurrencies are still seen as “fake money” in much of the traditional financial industry, as they gain more widespread adoption they will also garner greater respect from the financial industry as a whole.Featured images from Shutterstock.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022
Is The Crypto Market Combating A Lehman Brothers Moment?
June 30, 2022

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin23,077 0.10 % 3.73 % 1.10 %
Ethereum1,694.2 0.63 % 4.23 % 3.55 %
Tether1.001 0.13 % 0.02 % 0.21 %
USD Coin1.001 0.04 % 0.01 % 0.01 %
BNB319.51 0.18 % 1.82 % 12.47 %
Binance USD1.001 0.07 % 0.05 % 0.00 %
XRP0.3648 0.05 % 4.07 % 3.86 %
Cardano0.5112 0.25 % 4.36 % 0.44 %
Solana42.12 0.56 % 2.22 % 3.81 %
Polkadot8.780 0.15 % 5.14 % 7.31 %

Bitcoin (BTC) $ 23,105.00
Ethereum (ETH) $ 1,689.58
Tether (USDT) $ 1.00
USD Coin (USDC) $ 0.999915
BNB (BNB) $ 319.05
Binance USD (BUSD) $ 1.00
XRP (XRP) $ 0.364492
Cardano (ADA) $ 0.51117
Solana (SOL) $ 40.45
Polkadot (DOT) $ 8.79