{"id":369046,"date":"2019-01-24T00:00:48","date_gmt":"2019-01-24T00:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=369046"},"modified":"2024-06-11T07:43:36","modified_gmt":"2024-06-11T07:43:36","slug":"investors-in-davos-separate-bitcoin-and-blockchain-claim-btc-will-go-to-zero","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/investors-in-davos-separate-bitcoin-and-blockchain-claim-btc-will-go-to-zero\/","title":{"rendered":"Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero"},"content":{"rendered":"

As the World Economic Forum (WEF) Continues in Davos, Switzerland, and the who’s-who of finance and politics enjoy $40 hot dogs<\/a>, there is a significant amount of negative commentary coming from investors and analysts regarding Bitcoin (BTC) and cryptocurrencies.<\/p>\n

Most recently, one prominent investor drew a stark line between blockchain and Bitcoin<\/a>, noting that he strongly believes in the future of the former, while disregarding the latter as a pseudo-currency that will likely \u201cgo to zero.\u201d<\/p>\n

Davos Not Bitcoin Friendly<\/strong><\/h2>\n

The recent comments came from Jeff Schumacher, the founder of BCG Digital Ventures \u2013 a blockchain-focused investment firm \u2013 who told CNBC<\/a> that although the Bitcoin as a technology is interesting, its value as a currency is null.<\/p>\n

“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,\u201d he bearishly noted.<\/p><\/blockquote>\n

Another prominent investor who was on the CNBC panel, Glenn Hutchins, the chairman of North Island, shared a similar sentiment, claiming that his focus as an investor remains on Blockchain technology.<\/p>\n

“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 of which, which tokens are valuable or not,\u201d Hutchins explained.<\/p><\/blockquote>\n

Bitcoin and Blockchain are Thoroughly Intertwined <\/strong>\u00a0<\/strong><\/h2>\n

Although these investors aren\u2019t excited about Bitcoin, they are neglecting to recognize that Bitcoin<\/a> and blockchain<\/a> are largely intertwined with one another.<\/p>\n

While\u00a0giving a talk<\/a>\u00a0regarding the relationship between Bitcoin and blockchain, Andreas Antonopoulos said that blockchain cannot stand strong on its own without BTC, defining blockchain as \u201cBitcoin with a haircut and a suit you parade in front of your board.\u201d<\/p>\n

\u201cBlockchain is one of the four foundational technologies behind Bitcoin and it can\u2019t stand alone. But that hasn\u2019t stopped people from trying to sell it. Blockchain is Bitcoin with a haircut and a suit you parade in front of your board. It is the ability to deliver sanitized clean comfortable version of the blockchain of Bitcoin to people who are too terrified of actually disruptive technology,\u201d Antonopoulos explained.<\/p><\/blockquote>\n

Another popular figure within the cryptocurrency community, Joseph Young, referenced the recent Davos comments regarding blockchain being successful while Bitcoin fails, equating it to saying, \u201cAirplanes will go to zero while engines have potential.\u201d<\/p>\n

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Airplanes will go to zero while engines have potentialhttps:\/\/t.co\/w0gzzPPVAi<\/a><\/p>\n

— Joseph Young (@iamjosephyoung) January 23, 2019<\/a><\/p><\/blockquote>\n