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Experts Weigh In On The Future of Bitcoin and Blockchain

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Blockchain, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin is a revolutionary new technology that has taken the world by storm, and could not only disrupt modern financial systems, but it could also go on to replace all fiat currencies and become the sole digital currency used across the globe.

With so much potential, even experts have joined in on speculating over the king of speculative assets, and have weighed in on their expectations for the first-ever crypto asset.

The Smartest Minds in Tech and Finance on Bitcoin and Blockchain

Bitcoin is a powerful, decentralized digital cash system, that could potentially change the world and redefine money as the world knows it. It also brought with it the emergence of blockchain – a distributed ledger technology with a number of use cases that could revolutionize many industries.

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Both Bitcoin and blockchain have not only garnered the interest of investors, speculators, and even businesses, it has also caught the attention and piqued the curiosity of some of the world’s greatest minds and thinkers.

Related Reading | 50% of Population To Use Bitcoin By 2043 If Crypto Follows Internet Adoption 

In a new report, a panel of experts from the business world and finance industry were asked to supply their views on Bitcoin and what its long-term potential may be. As one would expect, the sentiment surrounding Bitcoin is mixed, with some realizing the disruptive potential it wields, while others were quick to dismiss the asset as a vehicle for criminal activities.

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Sabrina T. Howell, Assistant Professor, Finance, NYU Stern School of Business & NBER believes that Bitcoin has some serious hurdles to overcome, namely the cryptocurrency’s “7 transactions per second.” Instead, Howell sees the real disruptive value provided by blockchain, and cites how the technology will soon be rolled out to better manage quality control surrounding green, leafy vegetables that are known to carry food-borne illness.

Garrick Hileman, Head of Research at Blockchain and Researcher at the London School of Economics, cited Bitcoin’s recent safe-haven asset narrative, and claims its been a factor in the asset’s “3x price appreciation this year in the wake of US-China trade disputes, challenges to central bank independence, Brexit and other European political turmoil, and the return of financial instability to Argentina and other emerging markets.”

James Grimmelman, Professor of Law, Cornell Tech claims that Bitcoin will continue to be forked again and again, because “humans have never been great at consensus, not even with the help of cryptography.”

Related Reading | Daily Activities Like Grocery Shopping May Hold the Key to Bitcoin Adoption 

Researchers Steven Goldfeder, Ghassan Karame, and Linda Schilling, all believe that Bitcoin will need to beat out stiff competition from other, newer altcoins that alleviate the issues related to Bitcoin as it currently stands.

All experts also commented on how regulation is paramount to Bitcoin becoming widely adopted and saw the technology as something with incredible, currently untapped potential.

Tags: bitcoinblockchaincryptoexpertsgizmodo
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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