• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Blockchain
Reading Time: 3min read
Investors in Davos Separate Bitcoin and Blockchain, Claim BTC Will go to Zero
Advertisement
Listen to Article

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

Most recently, one prominent investor drew a stark line between blockchain and Bitcoin, noting that he strongly believes in the future of the former, while disregarding the latter as a pseudo-currency that will likely “go to zero.”

Davos Not Bitcoin Friendly

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

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“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,” he bearishly noted.

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.

“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,” Hutchins explained.

Bitcoin and Blockchain are Thoroughly Intertwined  

Although these investors aren’t excited about Bitcoin, they are neglecting to recognize that Bitcoin and blockchain are largely intertwined with one another.

While giving a talk regarding the relationship between Bitcoin and blockchain, Andreas Antonopoulos said that blockchain cannot stand strong on its own without BTC, defining blockchain as “Bitcoin with a haircut and a suit you parade in front of your board.”

“Blockchain is one of the four foundational technologies behind Bitcoin and it can’t stand alone. But that hasn’t 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,” Antonopoulos explained.

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, “Airplanes will go to zero while engines have potential.”

Airplanes will go to zero while engines have potentialhttps://t.co/w0gzzPPVAi

— Joseph Young (@iamjosephyoung) January 23, 2019

Furthermore, many prominent financial analysts who are not heavily involved in the cryptocurrency industry have dismissed the “BTC will go to zero” thought line.

Mohamed El-Erian, the chief economic advisor at Allianz, discussed cryptocurrencies late last year, saying that cryptocurrencies will survive their current bear market.

“I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,” he explained.

Although cryptocurrencies are still seen as “fake money” in much of the traditional financial industry, as they gain more widespread adoption they will also garner greater respect from the financial industry as a whole.

Featured images from Shutterstock.
Tags: bitcoinblockchaindavos
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

Saylor: Institutional Interest in Bitcoin is Bigger Than You Think

23 hours ago
3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

3 Things Bitcoin Traders Should Watch in FOMC’s First Meeting of 2021

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Trouble for Bitcoin as 3 On-Chain Indicators Point to Potential Sell-Offs

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Severe Liquidity Shock Ahead for Bitcoin Market, Warns JPMorgan

2 days ago
Bitcoin Heads Towards $35,000 as Biden Stimulus Hurts US Dollar

Bitcoin Heads Towards $35,000 as Biden Stimulus Hurts US Dollar

3 days ago
MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

IOST Selected Among 344 PoS Projects to Join Binance Staking

January 28, 2021

What Is PointPay and How to Earn 30% Yearly With PXP Tokens?

January 28, 2021

FINDORA Research Foundation Grants 2 Million to LZMicro

January 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.