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Although Ripple is based in San Francisco for allegedly plotting to kill Bitcoin (BTC), with Wall Street and the financial operators, nothing less, but the manager of the company's C suite has recently doubled its love for cryptocurrency. In fact, the head of crypto-centric financial technology refuted the idea that BTC could capitulate to zero, because of its inherent value and its expansive ecosystem.
Related reading: Bitcoin can not fall to $ 0 or enter a "spiral of death" – mining rules judge it if
Ripple's Garlinghouse still bullish on Bitcoin
While many people wonder if the egg or the chicken came first, it is generally accepted that Bitcoin came before the blockchain. However, participants in Davos, the recent convention of the World Economic Forum organized by Switzerland, have contented themselves with the script "blockchain, not crypto", denouncing digital badets with religious fervor. As Joseph Young of NewsBTC recently said, this is like saying "planes will go to zero while engines have potential".
The dichotomy between the participants' affinity with the blockchain and their dislike for crypto-currencies was so strong that an investor claimed that BTC could fall to zero. Jeff Schumacher, said the skeptic, said that Bitcoin should not have value, because of the controversial idea that it is "not based on anything" and is not environmentally sound.
However, Brad Garlinghouse, outgoing CEO of Ripple, has surprisingly come to the rescue of Bitcoin. Garlinghouse, a forward-thinking technology entrepreneur, first argued that the long-term value proposition of a digital currency is "derived from the utility it provides." And with this at the forefront of his thought process, Ripple's leader pointed out that there are many cases where the so-called "utility tokens" have nebulous use cases, often badly interpreted.
However, he went on to say that this was not the case with Bitcoin. Garlinghouse said he was not ready to let BTC fall from a proverbial abyss, adding that he still held cryptocurrency on a personal basis. But Garlinghouse made sure it would not fail to put the network's scalability considerations aside, noting that Bitcoin's evidence-based consensus mechanism (PdT) may not be successful.
That said, the American tech guru has made it clear that BTC will likely still have value as a digital version of gold, just like the Winklevoss Twins, Lou Kerner and other longtime cryptography enthusiasts. have declared historically.
Garlinghouse's peers on the CNBC The group of experts, with the exception of the uncompromising cynicism mentioned above, echoed Ripple's opinion that Bitcoin would probably have some semblance of value in the future. Glenn Hutchins, President of North Island Financial Technology Services Provider, said the flagship cryptocurrency is likely to play a role in [one badet]as you have other chips that you do not use at the moment. In other words, Hutchins states that Bitcoin is likely to become a valuable mid-market digital store in a wider ecosystem / digital economy.
Davos's crypto-friendly badistants are not the only experts who say the BTC should not drop to $ 0. By previous reports of NewsBTCAlex Pack, the managing partner of Dragonfly Capital Partners, recently said Forbes BTC reached an unexpected milestone in 2018, despite falling prices. Pack revealed that this milestone is the fact that there is a non-zero chance that Bitcoin still has value.
Dragonfly's partner pointed out that, if BTC could fall to $ 2,000 or even $ 1,000, it would be absurd to badume that the badet could collapse to $ 0 because cryptocurrency has developed a material value proposition. The managing partner of Dragonfly noted that Bitcoin, a "landmark in the history of money," has become a "reliable value store".
"Blockchain, not Crypto" cries in Davos
If Bitcoin found a surprising ally in Garlinghouse, one of the most powerful participants in the cryptosphere, it was not enough to put an end to the cries of cynics in Davos. In fact, companies worth billions and governments representing millions summoned to the de facto King of Conferences, "blockchain, not crypto" has become a hot topic.
Talk to RTAleksandr Ivanov of Waves said that "crypto-currencies are only a small part of blockchain technology". Even PayPal's current CEO, Dan Schulman, has expressed skepticism about crypto-currencies, but his optimism towards blockchain technologies.
Schulman noted that crypto is "more of a rewards system for implementing the blockchain" rather than a monetary system in itself. He added that the industry had seen few retailers adopt this form of exchange, even though the infrastructure had been strengthened. in mbad.
It's worth noting that the company would have recently started an internal test of a cryptography system, allowing employees to earn tokens for "experiments". PayPal has recently begun accepting withdrawals from Coinbase via its service. These two occurrences alone do not indicate that PayPal is optimistic about crypto-currencies, that's for sure.
Schulman's recent comments come a few months after the former C-suite leader at PayPal, Bill Harris, who was known for his Bitcoin "the biggest scam in history." Harris even joked about the fact that crypto-currencies are cult, pointing out that Bitcoin is not "Free, instant, scalable, efficient, secure, globally accepted and useful."
It therefore seems that traditional historical operators are reluctant to accept cryptocurrency with open arms. But many optimists in this fledgling industry think this will change over time.
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