According to CNBC during a debate, one of the best investors in the crypto sector said that the popular grandfather of the cryptos the Bitcoin is eventually going to die. He actually stated that its price may reach zero.
The year 2018 was a very turbulent year for the Cryptocurrencies. They had lost over $480B of their worth according to records from Coinmarketcap. Following a very rich 2017 that cryptos scored a record high bitcoin, the world's biggest cryptocurrency by market capitalization, dropped substantially. As for now, bitcoin is about at $3,570 and many professionals think that it could go even deeper. Jeff Schumacher, the founder of BCG Digital Ventures, said in Davos
"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."
Mr.Schumacher is a large investor in blockchain-based organizations. While discussion, Glenn Hutchins, stated that bitcoin's use eventually may be concentrated on being a reserve of value. Hutchins said.
"It might be that the role of bitcoin in the system could be to bring value, to hold your value there while you have tokens that have other uses."
He added, "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, which tokens are valuable or not." Now about Bitcoin, the blockchain is a decentralized unrestricted ledger of action that is not controlled by any person. Rather, it is controlled by a network of people working specific machines to resolve complicated cryptographic equations. But bitcoin has several problems like very slow transaction times at a huge cost.
It’s probable that Bitcoin may die
Market Trends - 24/01/2019