https://bitcoincraze.xyz/bitcoin-price-expert-says-btc-could-flop-as-he-compares-it-to-this-obsolete-phenomenon/-
Bitcoin’s digital currency top spot could be replaced by another cryptocurrency, similar what happened with Betamax and VHS during the 1980s, North Island Chairman Glenn Hutchins said.
Speaking on CNBC, Mr Hutchins said: “What we should be talking about is something called the bitcoin protocol, which is the technology will use to enable the internet to move value around the world, the speed of light the way we do everything else today.
“The bitcoin currency they are all talking about is an input in that process but it is not the end point. They are all focussed on that because they think about it from a trading perspective and that’s the object that looks like it trades.”
The tech expert compared the digital currency to a type of metal, choosing cooper rather than gold, which is commonly affiliated with the cryptocurrency.
He said: “I think it is more like copper. Like industrial metals used for purpose to drive an outcome.”
Mr Hutchin added: “Bitcoin could turn out to be Betamax and, in other words, you could have something like XRP or ethereum or litecoin that actually becomes the token that is used.”
Betamax was an early form of video cassette that was a competitor to VHS tapes.
During the 1980s, both Betamax and VHS fought for dominance and VHS eventually won.
Despite Sony’s Betamax offering a better quality video, VHS won out due to it offering a more affordable home viewing experience.
The tech investor explained that one digital currency will eventually be accepted by the general public. He said: “The token of exchange at the heart of the math solution that leads the technology will be there – different tokens will be used for different applications.”
Mr Hutchins said bitcoin does not have to be the only token. He said: “It doesn’t have to be the only one because different tokens will be used for different applications.”
Bitcoin price was at $9,268.85 at 11:20 (GMT) on Thursday, according to CoinDesk.
Billionaire investor Warren Buffett said on Monday that bitcoin is “rat poison squared” and the fascination with the cryptocurrency has caused the price to rally.
But BBC Apprentice Winner, Mark Wright is a BTC investor and a firm believer in cryptocurrency.
Mr Wright told Express.co.uk that he completely disagrees with Warren Buffett’s opinion on Bitcoin.
The digital currency has faced a mixed response with Twitter co-founder and CEO Jack Dorsey predicting bitcoin will soon be the single online currency.
Mr Dorsey said: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
Hedge fund manager John Pfeffer also said bitcoin could continue to surge by “hundreds of thousands” if it replaces a major reserve currency.
Speaking at the Sohn Investment Conference, the cryptocurrency expert predicted that bitcoin will rise to no less than $90,000 and potentially as high as $700,000.
Mr Pfeffer told CNBC: “The bear case is zero. I think people should think about crypto assets, bitcoin, as a venture capital investment. It could go to zero but there’s a chance that they could be worth much more.
“And the case of bitcoin, the $90,000 price would be what it would be worth if bitcoin became equal to private gold bullion holdings, about 1.6 trillion dollars of total value compared to $150 billion or there about today.
“It’s a bet. It’s a risk that I think is interesting and I’d be willing to take.”
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