Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin?

With all that has been going on, many have indicated that Bitcoin has few or no long-term prospects. So, we decided to find out for ourselves. We reached out to experts to find out if this was true. Here is what they had to say.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 1

Jason Blick, CEO of EQIBank

“Bitcoin has been the subject of extraordinary attention this month as the markets witnessed punishing volatility. Over US$4.5 billion in losses were booked on May 19th and US$14.2 billion for the week. With prices falling nearly 50% and on-chain entities taking historical losses, Bitcoin appears to follow the pattern of previous bubbles.

Bitcoin’s rise has far surpassed previous bubble peaks, such as the dot-com bubble of the late 1990s and overheated housing markets, and the cryptocurrency’s rapid decline traces the decline patterns of those bubbles as well. So, is it possible to predict the near-term or long-term direction of Bitcoin, and is it a sustainable long-term investment?

First, it’s worth remembering that Bitcoin is not a traditional asset, and its fundamental values cannot be measured in conventional terms. This creates an immediate blind spot for traditional investors accustomed to pouring over the substantial historical data of ETFs and index/mutual funds. Skeptics also highlight that Bitcoin faces a series of unique investment challenges and risks, including imperfect trade data, competition among fellow investors, theft, loss of wallet passwords, supply and demand issues, government regulation, and energy consumption concerns.

Conversely, advocates such as EQIBank view Bitcoin, and cryptocurrency more broadly, as an indispensable asset class and one that is readily suited to any diversified portfolio.

This bullish position is predicated on the belief that Bitcoin has gone mainstream, and market commentators regularly feature Bitcoin prices along with traditional stocks, bonds and gold.

Broader market conditions also play their part, and it is highly expected that current fiscal and monetary policy will cause the value of the dollar to decline or plunge from Q4 2021, resulting in substantial inflationary pressure.

Bitcoin is partly shielded from these macroeconomic strategies and, unlike paper currency, there will never be more than 21 million Bitcoins mined. As an estimated 3.7 million Bitcoins have been lost, meaning that without the private key, they will never be found, there will never be more than 17.3 million Bitcoins in circulation.

This scarcity factor has long been touted as a way to link Bitcoins’ investment appeal to that of gold. But this disregards the underlying potential of blockchain technology, and that potential is almost limitless.

With its rapid adoption as a decentralized and secure method to conduct transactions, plus the added benefit of bypassing traditional fees charged by banks and financial institutions, a long-term approach is warranted to benefit from the potential rewards of blockchain technology and its positive impact on the value of Bitcoin.

As always, wisdom would point towards thorough research, entry near support levels, and make sure you periodically review holdings while maintaining a strict stop-loss strategy based on risk appetite”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 2

Mike Scanlan, Founder & Chief Technology Officer, CoinMover 

What are the Long-Term Prospects for Bitcoin?

“Bitcoin will change the way society transfers value between people on a planetary scale. The closest real-world equivalent dates back to the barter system thousands of years ago, where two people physically exchanged objects of value.

With Bitcoin, a local teenager in the Central African Republic can sell his crafts to a teacher or a farmer in Ohio and get paid instantly, never needing a bank account.

Alternately, this technology now allows giant multinational corporations the ability to simply ’email’ $50m from New York City to Seoul, South Korea, at 11 PM, on Sunday night, for mere pennies. All without the need of a trusted third party (e.g., bank).

Just as we can’t imagine a world without mobile phones and the internet, two short decades from now, we’ll all wonder how we ever functioned without Bitcoin”.

How Will Bitcoin Change the World? Is the Emergence of Bitcoin Just Another of Those “Tech Fads”?

“It’s already started to change the world. In Venezuela, people are moving money into Bitcoin to protect against the collapse of the Bolivar.

Imagine a genuine scene that is unfolding in war-torn Syria right now. Banks are all destroyed. Currency is worthless. What is left has been seized by the government. A husband and his wife and their four kids pack up all their clothes and decide to walk to Europe for a better life.

It’s a story unfolding for millions of people right now. Yet a small handful of them now carry their entire life savings on their phone in the form of cryptocurrency.

Once they finally reach Italy or Germany, or wherever they are going, they can withdraw their whole life savings in this new country and get a jump start on a new life.

How much is self-sovereignty worth to you? Or that family?

It’s priceless”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 3

Adam Lowe, Chief Innovation Officer at CompoSecure and Creator of the New Arculus Cold Storage Device for Cryptocurrency

“• I attribute the negative BTC movement to a combination of unclear tweets by Musk and other influencers, as well as the news that China is banning FIs from maintaining crypto practices.

  • It is challenging to predict if the bull run is over as it could be pushed either way by market and influencer pressure. This correction cleared out a lot of over-leveraged accounts, and futures are already up, indicating there is an appetite for further bull market runs.
  • While Elon Musk’s comments certainly affected retail investors and traders, I don’t believe these comments affected institutional holders and long-term investors. The change in regulations in China was more impactful from an institutional short-term pricing effect, although I think the effect was overblown.
  • I believe there will be a significant rebound in BTC value but I don’t think it will hit 100K by the end of 2021. That said, this is extremely hard to predict and may be preempted by outside factors.
  • I believe this is a blip or short bearish cycle. Some poor quality altcoins may not recover, which is fine, but I believe the digital assets that bring utility to the market will continue to rise in value”.

From the government labs in the defense department to the burgeoning blockchain technology market, Adam Lowe is on the cutting edge of innovation. In January, Lowe created Arculus, a cryptocurrency cold storage platform, which is disrupting the cryptocurrency wallet/storage market by making it as simple as possible for anyone to buy, sell, exchange, and store cryptocurrency in a safe and secure way. Adam Lowe would be a great source that can discuss the latest tech trends in cryptocurrency from an impartial perspective. He has worked at the highest level of government security and technology, as well as with some on the largest financial institutions in the world.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 4

Jahon Jamali, Sarson Funds co-founder, and Chief Marketing Officer

Jahon has over 10 years of marketing leadership experience in venture-funded start-ups like Kapow (acquired by Kofax) & The Appraisal Lane (acquired by Reynolds & Reynolds). A former US intelligence officer, Jahon holds a BA and MA from Johns Hopkins and attended the Babson College Graduate School of Business.

– How Bitcoin and other Cryptocurrencies, NFTs, and Blockchains work – and What they are Used for

“Many people use the terms “blockchain” “cryptocurrency” and “bitcoin” interchangeably.

This is incorrect. Despite the sound of the word, there’s not just one blockchain.

Blockchain is shorthand for a whole suite of distributed ledger technologies that can be programmed to record and track anything of value, from financial transactions to medical records or even land titles.

While you may think that we already have processes in place to track data, blockchain technology stands to revolutionize the way we interact with each other for three core reasons:

  • The way it tracks and stores data;
  •  It’s ability to build trust into date (the world has a global trust deficit, so this is particularly important
  • It’s unique ability to remove intermediaries (‘trusted’ third parties)

Cryptocurrencies are effectively blockchain technologies “first killer app,” with Bitcoin being the first. Cryptocurrencies are diverse in the needs they service the markets they address, and their overall use cases”.

How Robinhood and Other Trading Apps are Upending Retail Investing

“Robinhood has democratized access to capital markets and expanded the market reach for retail investing. While users can “trade” against cryptocurrencies within the app, it’s important to note that you don’t “own” the cryptocurrencies traded within Robinhood.

RH is not a cryptocurrency wallet, and you can’t send or receive cryptocurrencies (yet) natively through their app. However, they were an important early access point for new retail investors to learn and discover the potential of cryptocurrencies along with retail stocks”.

– Wall Street’s View of and Role in Digital Assets and Trading

“One of the initial shortfalls of cryptocurrency was that many early proponents had a “if you build it, they will come” mentality – thinking that Wall Street would eventually “come to crypto.” What they forgot was that Wall Street comes to no one. So what he had early on was an aversion to cryptocurrencies from Wall Street that was driven purely by a lack of Wall Street-grade education on crypto.

Over the past two years, though, that has changed. We, along with other firms, have worked hard to provide clear, unbiased cryptocurrency education to Wall Street (investment managers, financial advisors, family offices, etc).

Since then there’s been a marked turn-about in Wall Street’s receptiveness towards digital assets. Advances in regulatory clarity has also helped woo Wall Street investors, with policy makers warming to the concept of providing overdue investor protections”.

– The Impact of Influencers like Musk in Financial Markets

“Influencers in crypto (and financial markets as a whole) are a dual-edged sword. While those like Musk have brought heightened attention to digital assets in many regards, it’s important to use caution to avoid making financial decisions based on celebrity (un)endorsements.

More broadly speaking though, others like Anthony Pompliano of Morgan Creek, have used their influence on social platforms to broaden cryptocurrency’s market reach through thoughtful insight on how digital assets fit into the greater global narrative”.

– Separating Fact from Hype. Is this all a Fad? Something that will Fade Along with the Pandemic?

“The advent of the digital asset era started long before the pandemic and will continue to grow long after the pandemic has faded. What the pandemic exposed was the looming inefficiency and access inequality of the legacy financial system.

Governments’ monetary policy response to the pandemic only added fuel to this fire, as by all indications we are about to enter an era of heightened inflationary risk. Cryptocurrencies and digital assets are not only a hedge against inflation, but an investment in a more decentralized, accessible, and trust-based global financial system”.

 

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 5

Marie Tatibouet CMO at Gate.io

“At its peak, Bitcoin was a >$1T asset, and it gave birth to a market that outpaced Apple in its march from $1T to $2T in valuation. Simply put, it is far from a “tech fad.” The long-term prospects of Bitcoin remain very alluring.

Firstly, fiat money like the US dollar has always been governed by deplorable monetary policies. The Fed has come under increasing scrutiny during the pandemic due to overprinting (money printers go brrrrr) and excessive spending.

This isn’t going to slow down anytime soon. However, by its very design, Bitcoin is a deflationary asset that has and will act as a major hedge against financial fluctuations due to unmitigated inflation.

Along with this deflationary angle, keep in mind that currently, institutions are gobbling up scores of Bitcoins at a time, which adds even more pressure to the supply crunch. At the end of the day, we will only ever have 21 million Bitcoins. If everyone wants a slice of the pie, the demand will smash through the roof.

Simply put, expect Bitcoin to become and remain the premier asset class. I am still not convinced if it will be a solid payment system due to its scalability issues and the fact that people don’t like giving away BTC, but it will definitely remain a reliable store of value.

Secondly, the way we know money is going to change pretty drastically. With the rise of cryptocurrencies, DeFi, and CBDCs, we will see closer interoperability with traditional finance than ever before. In this scenario, being the premier cryptocurrency, Bitcoin will inevitably play a significant role in this ecosystem”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 6Wendy Walker, Solution Principal, Sovos

“The sudden pullback in Bitcoin price is a culmination of things:

1) Elon Musk tweeted that Tesla will stop accepting Bitcoin payments,

2) China warned financial institutions about getting involved in crypto transactions, and

3) JP Morgan released a report indicating that investors are pulling out of crypto and pivoting to investing in other rare commodities like gold.

And when Bitcoin nosedives – the altcoins go with it. Last week, Etherium, Doge, Cardano, Uniswap all dipped to the lowest prices we’ve seen since late February.

But this isn’t the first time we’ve seen Bitcoin drop like this – and in fact, this isn’t even the biggest market correction we’ve ever seen. In late 2017, Bitcoin prices dropped more than 80% when reports of hacks of some notable exchanges were flooding the headlines.

Whether it’s a celebrity investor or a regulatory action or a cyber-attack – like any other commodity, Bitcoin pricing is impacted by the surprise element in macroeconomic news. Bitcoin prices go up as a result of macroeconomic news too. Bitcoin jumped in value more than 6x from October 2020 to February 2021.

Coinbase announced its IPO and record earnings during that same time. Elon Musk, Gene Simmons, Snoop Dogg and Mark Cuban all were in the news talking about Doge”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 7

Scott Melker, Notable Investor & Trader

“Everyone has a different idea of what Bitcoin is for – that’s the beauty of Bitcoin. It’s versatile and multifunctional, a digital swiss army knife benefiting people around the world in unimaginable ways. Bitcoin is intended to revolutionize our global financial system – no single purpose defines it.

For a single mother in Africa needing to buy goods for her child, Bitcoin behaves as an open-source payments platform. For corporate treasuries looking to boost investment revenue and avoid fiat inflation, Bitcoin on the balance sheet behaves as a superior store of value annualizing returns of roughly 200% per year.

Financial experts have tried to define Bitcoin from the lens of traditional models, but Bitcoin fails to fit into the category of stocks, bonds, or commodities. Bitcoin is a digital asset outside of the purview of crony capitalism and shady government money printing.

Many projects are desperately trying to outdo Bitcoin with a fancier code or faster protocol, and instead, turn themselves into a fad. Bitcoin frees individuals from the repeated historical downfall of fiat currencies. When Bitcoin becomes a norm for the world, the pendulum of power will swing from the few who perverted money to the many. Bitcoin is a currency made by the people for the people – freedom in the form of value”.

Scott Melker is The Wolf of All Streets. He is a crypto trader and investor, the host of the popular “The Wolf Of All Streets Podcast,” the author of “The Wolf Den” newsletter, and a prolific writer and thought leader in the crypto space. He is also an early investor in a number of blockchain-based projects. He has been featured in the New York Times, Forbes, Businessweek, The Wall Street Journal, Coindesk, CoinTelegraph, CCN and more. 

 Scott was recently named “Influencer Of The Year” by Binance and as one of the “Top 100 Notable People in Blockchain in 2021” by CoinTelegraph. Most recently, he was a featured expert on FOX Business show, “Making Money with Charles Payne,” to discuss the current state of cryptocurrency.  

 With 438K+ followers on his verified Twitter page, @ScottMelker, Scott is often sharing secrets of the trade and “magic internet money” with his engaged followers.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 8

Jordan Ramis Shareholder and Former Acting Assistant Secretary of the U.S. Treasury Gregory Zerzan

“Price volatility has been a big part of the bitcoin story since the very beginning, and it seems too early to say recent price swings are any different. Concerns about the amount of energy used for bitcoin mining are part of the larger societal debate about carbon emissions.

Transitioning away from fossil fuels will also address concerns about bitcoin. Bitcoin is the ur-digital currency; just like Roman coins continued to circulate well after the fall of Rome, bitcoin could be in circulation for quite some time.”

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 9

Juntao Zhu, CEO & Co-founder, Hodlnaut

“Money is transferable, divisible, scarce, and mutually interchangeable. Bitcoin as a currency fulfils all of these but still lacks adoption, although I believe this will change with time.

Nevertheless, it is the future currency because it proposes innovative implications that can improve people’s view and use money. Cryptocurrency facilitates a payment system where financial transactions have lower fees, faster processing rate and are transparent to all through a decentralized public ledger in the blockchain.

For Bitcoin and other cryptocurrencies to gain more prominence in the financial world where digital tokens can be exchanged and managed easily. For this to happen, the general public needs to have access to services that utilize Bitcoin, and they need to be fair, hassle-free, and trustworthy.

That’s what we’re doing at Hodlnaut, playing an active role in boosting the crypto ecosystem by creating products that are innovative, secure, and user-friendly to help realize the currency’s adoption and functions”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 10

William A. Andrews, Associate Professor of Management, Stetson University

“To understand the durability of Bitcoin over the long term, it helps to understand its role in the international financial system. Three powerful reasons support its permanent place in the global economy while other reasons suggest why its expansion may be slowed:

First of all, regardless of why Bitcoin may have been created, it has been extremely helpful to the global underground economy. The size of the underground economy (including drug trafficking, illicit weapons trade; counterfeit goods, human trafficking and the like) has been estimated at about 15% of global GDP and as high as 33% in developing countries.

For these large scale, illegal operations, moving money becomes a real challenge for two reasons: a money trail can lead to being arrested, and money laundering (the process of making ill-gotten gains appear to have come from legitimate sources) itself is an expensive proposition. Bitcoin solves both of these problems elegantly. Payments are anonymous and bitcoin can be bought and sold for dollars or other major currencies.

Secondly, SWIFT (the Society for Worldwide Interbank Financial Transactions) is the cooperative of the world’s banks that processes international movement of money.

U.S. trade sanctions sometimes effectively suspend a country’s financial institutions from SWIFT, making it extremely slow, cumbersome and expensive to transfer money into or from the country (e.g. North Korea, Iran, Cuba) – and hence to engage in international trade. For these countries, Bitcoin can help evade US sanctions. This is a fairly substantial amount of business.

Thirdly, Bitcoin is capped at 21 million coins. Hence it is not a fiat currency in the same sense that the USD is. In the past year, several trillion dollars have been created as part of the US government’s Covid-related stimulus plan.

The result has been a significant drop in the value of the US dollar against the Chinese yuan. Should the USD continue to “print” money, or go through a sudden structural devaluation (as it did three times in the 20th century), it will not be surprising to find Bitcoin as a preferred stable source of value.  For these three reasons, I believe it will be a permanent and significant fixture in international trade and finance.

However, three powerful forces work against it:

Firstly, developed countries recognize that Bitcoin has the potential to undermine a country’s security and surveillance apparatuses. It also has the potential to erode a country’s ability to control monetary policy.

There are currently about 18.5 million coins in circulation, and at $40,000/coin, that’s about $740 Billion in money supply sloshing about in the global economy, unchecked by any country’s monetary policy (that’s just from Bitcoin…not to mention other cryptos!).

That’s enough to move the needle on most countries’ effective money supply.  As a result, China has recently imposed significant restrictions on use of the currency, and more US banks are beginning to restrict certain crypto transactions as well.  Expect the governments across the developed world to further restrict its use in the name of protecting its sovereign rights.

Secondly, the Bitcoin system requires a tremendous amount of energy to create the unique “hashes” that keep the blockchain updated and validated.  Bitcoin “miners” have provided this service in hopes of being rewarded with fractional shares of Bitcoin.

However, as the number of Bitcoins reaches its upper limit and miners drop out, who will step in to provide the service of updating the blockchain?  It may be possible for former miners to continue to do so on a fee basis which could potentially be at exorbitant rates.

Think about it… wouldn’t you pay someone $25,000 to redeem your $100,000 of Bitcoin if the alternative was not being able to access it? But the system is entirely dependent on massive mounts of available electrical power, and should such power become unavailable through war, hacking, or other anthropogenic disaster, the associated blockchain would cease to transact, and “die”taking all of its secrets (accounts) and wealth with it.

Finally, a tremendous amount of speculation has “juiced” Bitcoin’s value – especially in this era of cheap and easy money (in the US) in which speculators can borrow to purchase Bitcoin.

A “bubble layer” of leveraged speculation sits atop a solid cryptocurrency model resulting in extreme price volatility. This, in turn, significantly impacts the willingness of sellers of goods and services to accept it as payment.  If legitimate businesses do not accept it, then the currency remains “trapped” in the underworld of black- market  businesses.

On balance, though, Bitcoin is here to stay.  It will remain volatile, but in the long run, its value will increase as national fiat currencies continue to erode in value through the money creation process, and as commercial establishments begin to accept it as payment”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 11

Angelica Prescod of Edward Jones in Scottsdale, AZ

“There may be nothing wrong with cryptocurrency understanding that many changes may occur between what we see now and where it will be in the future.

Let’s not deny that the underlining fundamentals that we’re used to assessing the value of investments are not there when it comes to cryptocurrency. We don’t have the cash flows, profits, tangible assets that we normally would see within mutual funds and stocks.

Make sure that when it comes to your long-term goals you’re still holding true to the fundamentals that you knew before bitcoin became the common phrase used when discussing investments.

Don’t allow the fear of missing out to guide your financial goals and ignore the established processes that have weathered many more market cycles. Learn as much as you can but don’t allow the craze to distract you from your ultimate goal, financial freedom.

When I think of cryptocurrency it takes me back to an experience that I had several years ago. While watching the chef prepare the meal at this very nice restaurant, I was curious enough to ask whether he had ever tasted the meal he’s preparing.

I wanted to know a little more about the experience while it was being prepared and thought this was a valid question to ask.

To my surprise, the chef told me he’s never been interested in this meal and said, “I’ve never tasted it at all.” This fact singlehandedly doesn’t mean that the meal will be terrible, and it doesn’t mean the meal will be excellent but it did give me pause before I received that dinner.

Tread carefully understanding that this is newer than more established stocks and other investments and many institutions whose sole job is to grow wealth are still on the fence concerning this venture. I guess they’re not interested in tasting that meal, either”.

 

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 12

Frank Springfield, Attorney at Burr & Forman

“We have seen the amount of interest in cryptocurrencies skyrocket over the past year.  Much like the current impact of the internet could not be predicted in 1995, nobody can reasonably predict the impact that cryptocurrencies will have on the financial system in twenty years.

However, I am confident that cryptocurrencies are not going anywhere and that their impact will be enormous.  Whether it is utilizing this new technology to reach more of the unbanked or enhance their customer experience to providing customers with new products or custody options, traditional financial institutions are going to be forced to take a critical view of themselves and figure out who it is they want to be in the future to remain relevant.

There will be winners and losers, both large and small financial institutions, and my bet is that the winners will come from those who figure out how to embrace these changes, get out in front and carve out their niche.  This will likely only be accelerated when the government finally decides to issue its own digital coin, which seems like a foregone conclusion at this point.

As the leader of the cryptocurrency discussion for the past year, people frequently ask if Bitcoin is a passing fad.  It has carved out its niche as the best digital store of value and I expect it will continue to grow towards gold.

Whether, Bitcoin can grow beyond a store of value and develop more Level Two use cases remains to be seen.  The main alternative use case for Bitcoin at the moment is its Lightning Network.

This network has expanded and offers fast and cheap payment rails for international transfers, but it still has a long way to go before gaining mainstream adoption.

Ethereum and even Hedera Hashgraph both have many more Level Two applications being built on top of them and may end up proving to be more useful platforms to financial institutions to use instead of Bitcoin.

It is well known that many Gen Z’ers have never stepped foot into a traditional bank and, likely, never will.  Instead, many resort to “banking” through the use of CashApp and other apps they can get on their phone.

Aside from trying to figure out how to reach the next generation, traditional financial institutions are also facing increased pressure from institutions like BlockFi who are able to offer interest rates on crypto currencies that far exceed anything offered in traditional banking.

Therefore, I expect that more financial institutions will decide to get into the crypto game and perhaps the easiest way will be by offering to take custody of cryptocurrencies like The Bank of New York Mellon has done.

Some may also try to figure out how to increase their interest offerings, but this seems less likely given the regulatory concerns that likely allow these high rates to be paid.  Others will explore how to use the blockchain/hashgraph technology and smart contracts to improve their product offerings, user experience and efficiencies.

Those who have credit card business segments will likely start offering cryptocurrency rewards cards if the growth of companies like Fold continue to increase.

In the end, it seems obvious that there will be many mergers and acquisitions between TradFi and DeFi.  However, the longer TradFi entities wait to adapt to this new technology and the more runway given to DeFi entities to grow before they are acquired, the more difficult it will be for TradFi entities to control the narrative”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 13

Paul Haber, CEO of Graph Blockchain, the First Publicly Traded Proof-of-Stake Company

Long-term prospects of Bitcoin

  • “Being the first true cryptocurrency, the crypto with the largest market cap by such a large margin, and the entry point for most people in the crypto space, realistically Bitcoin has very good long-term prospects”.

“Bitcoin has, by far, the most valuable brand in the space”.

“Bitcoin was, and often still is, the crypto that all other cryptos were compared to”.

“Early in the market, the value of the AltCoins were determined by how they traded against Bitcoin. Most traders viewed an Altcoin’s value based on the Altcoin/BTC pairing”.

“Even the term AltCoin is an example of how significant Bitcoin’s position is in the market, Bitcoin and then all other coins”.

“Bitcoin has secured one of the most important use cases in crypto, being a store a value”.

“It has the two most important factors in a store of value – Scarcity and Demand”.

“Bitcoin’s Demand comes from having Brand recognition that’s strong enough to compete with Gold”.

Proof of Stake Mining and its Economic and Environmental Viability 

  • “Proof of Stake Mining has great economic viability and is much better for the environment”.

 

  • “Electricity: the main environmental concerns related to the crypto ecosystem is that Proof of Work Miners compete for the ability to be the system that verifies the transaction on the blockchain, and that competition involves significant computing power and electricity”.

 

  • “This competition makes it expensive to run and can have a serious environmental impact depending on the source of the electricity”.

 

  • “Proof of Stake (‘PoS’) is much more efficient both environmentally and economically”.

 

  • “The electricity use and computing power are negligible”.

 

  • “The networks that use PoS are much more scalable and can handle much faster transaction speeds. They are the future of the crypto currency ecosystem”.

 

  • “It is for these reasons that PoS networks are where all the important development is being focused”.

 

“Even the second largest crypto currency, Ethereum, has started to convert from Proof of Work to Proof of Stake”.

Bitcoin Panel Discussion- What are the Long-Term Prospects for Bitcoin? 14

Fred Schebesta, the co-founder of Finder 

“Bitcoin is super volatile but it’s also one of the fastest growing asset classes we’ve ever seen. After Bitcoin’s 2017 rally, it shed almost 80% of its value in the coming 12 months, only to rally once again. These ebbs and flows are to be expected and are part of the crypto ride.

“In fact, at the time Finder released its Bitcoin Price Predictions Report when BTC was peaking around the US$60,000 mark, the majority of panellists (51.52%) believed BTC was undervalued. It’s also worth noting that the panel predicted BTC to break the US$100,000 mark before the end of this year.

“It’s certainly not the end for BTC, and there’s still room for the coin to reassert its dominance even before the year ends.

“Already, Bitcoin has proven to provide a transparent, faster, and cost-effective financial system for both individuals and corporations.

“Its combination of finance and technology coupled with a global reach and lack of government interference easily makes BTC an attractive financial vehicle. Bitcoin is transforming global economies with unique business and financial opportunities.

“In the future, we could see more people embracing digital currencies over traditional banks. This will enable BTC to further impact the larger financial ecosystem, and as BTC adoption increases, a change in the way we do business will inevitably follow.”

About the author

Christopher is the Blockchain/DeFi Editor for E-Crypto News he also writes frequently about Crypto Gaming and Gambling. He is the author of the book "Profitable Cryptocurrency Gambling and Gaming: A Complete Guide." A content developer, Crypto-Enthusiast, and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,198 0.48 % 3.78 % 2.62 %
Ethereum4,177.3 0.13 % 1.76 % 8.38 %
Binance Coin486.33 0.35 % 1.00 % 3.34 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.26 % 0.41 % 0.03 %
Solana208.87 0.76 % 7.55 % 30.66 %
XRP1.100 0.19 % 1.25 % 0.63 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2683 1.97 % 8.00 % 12.78 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,108.00
ethereum
Ethereum (ETH) $ 4,189.74
binance-coin
Binance Coin (BNB) $ 486.92
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 209.72
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 43.97
dogecoin
Dogecoin (DOGE) $ 0.272374
usd-coin
USD Coin (USDC) $ 1.01