Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
BTC is a real store of value says VC investor Bill Gurley. Still, much needs to be done as adoption grows.
Venture Capitalist expert and investor Bill Gurley believes Bitcoin is an incredible store of value. In an interview with CNBC, the financier made it clear he believes that a bullish future for Bitcoin is a certainty given its utility in destabilized currency economies.
Gurley stated during the interview that heâs positive on Bitcoinâs future and sees a clear path forward, especially in places where other currencies are not an option, since it represents a stable store of value. His company owns a small position in the cryptocurrency. He said:
"I think of it as an incredible store of value in the rest of the world. I don't think it's irrational. Many people who live in those types of countries want to be paid in Bitcoin.â
Wall Street seeing the future?
The comments further reflect the divide that is fast forming in Wall Street, with those who are very positive about the coinâs future, and those who consider it a fraud or a tool for money laundering.
However, the reality that adoption continues to grow has made it impossible to ignore the cryptocurrency. Nevertheless, according to many industry insiders much still needs to be done as adoption growth continues. According to Ami Ben David, Co-Founder of SPiCE VC:
âBitcoin is now rewriting the definition books. Historically people thought of a store of value as âan asset you can predictably hold or tradeâ, but Bitcoin is a DIGITAL store of value, and as such, it adds the exponential Network Effect - Bitcoin is the Facebook of money, used by millions today, but over the next 10 years, itâs real challenge will be to adapt and improve as it reaches billions of users.â
These challenges will continue as the cryptocurrency market continues to mature. However, the reality of the need for utility to create stores of value continues to plague the minds of some experts. Eyal Hertzog Co-Founder of Bancor:
"Store of value" is one of the ways a currency can be used. For anything to be used as SoV it has to be valuable otherwise. Money can be used as SoV since itâs useful for commerce. Gold can be used as SoV due to the market demand for that specific rare substance. For a digital currency to be useful as SoV it probably has to be useful for other purposes.â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.