Bitcoin price will go to zero

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TL; DR

BCG Digital Ventures founder Jeff Schumacher spoke at this year's World Economic Forum meeting in Davos, predicting the abundance of Bitcoin prices.
Among the topics discussed, participants discussed blockchain technology and cryptocurrency, sharing their views on its future.
Although the prevailing opinion remains skeptical about cryptocurrencies, all agreed that the value of the token depends primarily on the utility of the underlying protocols.

The annual meeting of the World Economic Forum in Davos, Switzerland, is coming to an end and participants – businessmen, economists and politicians – tackle many topics in daily life. The actual value and potential future of cryptocurrency and blockchain technology included much of the forum's discussions.

The cryptographic space has been heavily criticized due to a difficult year. Mark Carney, Governor of the Bank of England, said it was unlikely that digital currencies would revolutionize the financial sector. Carney said that cryptocurrencies are not and should not be considered as real coins. He believes that they are at best crypto-active.

The founder of BCG Digital Ventures, Jeff Schumacher, supported this view and added that "bitcoin may drop to zero at some point." Schumacher said that he did not believe in cryptographic value because it rests on nothing.

davos_wef-min — Davos World Economic Forum

The value of crypto-currencies comes from the use of underlying protocols

Glenn Hutchins, President of North Island, took a slightly more optimistic approach. While he's far from optimistic about digital currencies, Hutchins believes that Bitcoin could play a role in the system, even if it's only about generating value. Hutchins also thinks that there are other possible use cases at the moment, some of which may not be used for the moment.

Hutchins concluded by saying that the value of cryptography depends on the utility of its underlying protocol.

Kenneth Rogoff, professor of economics at Harvard University, said the cryptography sector was too small for the government to develop appropriate regulation. If this starts to develop, the government will surely react.

Panel members also discussed blockchain technology, highlighting how investors, banks and companies have apparently developed an interest in it, including Mastercard.

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