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.
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.
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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.
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.”
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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.