Thursday, December 5, 2019

Jeff Schumacher, BCG Digital Ventures’ Founder Says Bitcoin’s Price Will Fall to Zero

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Jeff Schumacher, founder of BCG Digital Ventures is of the opinion that Bitcoin’s price will fall to zero. The founder made this known in a recent interview with CNBC at the Sanctuary in Davos. Here, there was a debate which focused on the future of Blockchain technology, according to CNBC on January 23.

Members from Various Industries Discuss on Blockchain’s Future

CNBC stated that its recently conducted interview focused on the future of blockchain technology. The debate consisted of panellists from several industries including Jeff Schumacher. Others were Brad Garlinghouse, Ripple’s CEO, Edith Yeung, 500 Startups Partner, and Glenn Hutchin, North Island’s Chairman.

Reportedly, Schumacher’s stance when it comes to Bitcoin is that the digital asset’s price will likely fall to zero. He also said that although the technology backing this virtual currency is great, he does not believe that Bitcoin is a currency. In his opinion, “it’s [Bitcoin] not based on anything.”

Disinterest in Bitcoin’s Price, but More Focus on Blockchain

CNBC also revealed that other members of the panellist had views which were not focused on Bitcoin’s price, but its underlying technology. In the case of Brad Garlinghouse, he is more concerned about Blockchain, the technology which Bitcoin is based on. The CEO also stated that in five years, the technology would gain massive adoption.

Based on reports, Glenn Hutchins also expressed his disinterest in Bitcoin’s price and its label as a “currency”. But unlike Garlinghouse, Hutchins said he is not concerned about the Blockchain as an accounting ledger. However, what piqued his interest more, is the protocols of this technology. Hutchins also stood his grounds that what’s more important is the use cases the technology can be put into.

In his own words;

 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.

Blockchain Will Find Use Cases in Asia

Edith Yeung, on the other hand, told the media outlet that Blockchain would find a use case in the area of payments, especially in Asia. Yeung also said there are some developing countries which have not yet taken advantage of credit cards and as such, Blockchain an easier means to process these payments may be adopted.

In comparison to Jeff Schumacher’s views, BTCNN on January 22 reported of the opinion of Huw van Steenis, the Senior Adviser to Bank of England’s (BOE) Governor. According to Steenis, cryptocurrencies are not a threat to economic stability, and they have failed the basic financial service test.

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