The speculation regarding the future of Bitcoin has remained a persistent phenomenon. Predictions about what may become of the cryptocurrency have come in different shapes and sizes. Where is Bitcoin headed? What factors will determine the stability, or lack thereof, of Bitcoin?
A number of government and bank executives have openly criticized the currency, considering what they have perceived in their opinion as fundamental factors that will work against the currency in the near future.
One example is Jamie Dimon’s, CEO at JP Morgan, comment on CNBC in Davos.
Cointelegraph asked experts what they make of these negative predictions from certain quarters regarding the cryptocurrency.
It is becoming a pattern
Roger Ver a Bitcoin investor, says:
“Like everyone else who came before him, Jamie Dimon will be proven wrong when he says bitcoin the currency has no future.”
The reasons he gave for this includes the fact that Bitcoin is already being accepted around the globe by many of the largest shopping sites, he also stated that more than a hundred thousand new people start using Bitcoin every single week and that these are the signs of a currency that is on a path to be used worldwide, stating categorically that Team Bitcoin has an amazing amount of talented and creative people working to make it a success.
“People will look back upon Jamie Dimon’s quote the same way we look back at Paul Krugman’s quote about the internet becoming no more important than the fax machine.” Concluded Roger.
Bitcoin has huge potential
Scott Bambacigno, a senior sales executive with over 15 years experience driving revenue for startups and well established businesses puts it this way:
“No surprise, this monologue has been repeated since day one yet Bitcoin is the best performing currency in 2015 (from what I understand). Banks have focused on taking things they love most about Bitcoin and removing things they don't. So now you're left with back office efficiencies among banks leading to lower operational costs, none of which is very exciting or beneficial to humanity in the biggest picture.
Contrast that to the potential Bitcoin brings to every one else across the globe and the narrative is crystal clear: Bitcoin will make life better for all of us.”
It’s a free world
George Basiladze is the Founder of Cryptopay, he believes that everyone is entitled to their opinion. George says:
“I think that everybody has a right to have their own believe. If anyone believes that bitcoin is backed by nothing and US dollar is backed by something, then it’s ok. What I think is that bitcoin may not become a major currency in next 2-4 years but it would find the right consumer niche. And that is already happening.”
They are just scared
Alena Vranova is a Co-Founder and Director at SatoshiLabs. She puts it this way:
“Parroting the unified media statement of the banks only points the finger back to themselves and uncovers how scared to death they are vis-a-vis bitcoin. Their actual goals are to make savings, present some "innovations to their investors", and to preserve the financial status quo, not to enhance it, not to repair what is wrong, no!
That's why I strongly believe in Bitcoin, there is a vision for an independent private ownership, for a free and voluntary exchange. Bitcoin may not have the budgets and the PR crew, it may have technical difficulties to overcome, but it has a clear reason for existence.
Banks and the state, both gemini have been petrifying for too long, patching the cracks by bailouts, by establishing heavier systems of control, by printing money, by growing bigger and bigger. Bitcoin is the diet for current overweight banking system. They have no chance to be as agile as new fintech startups and technically they can't stop Bitcoin. Of course they will try to discredit it and whether they succeed also depends on how much attention we give to them.”
They are just being selective
“Clearly, Jamie doesn’t find Bitcoin (the currency) useful for him and he probably can’t imagine ever using it. And of course, if Bitcoin is not useful for you it will be hard to imagine that it can also be useful for others, that is why we keep hearing experts telling us that Bitcoin is going to fail. Give it some time, these experts always turn out to be wrong.
I also find it interesting how everyone who understands how the Blockchain works have their own favourite use/application for it. And they think the other applications are going to fail.”
It is a radical phenomenon
“The state of the Bitcoin market is in a place I have never seen it before , we have seen media portray it as a currency for shady business, we have seen countries ban it, we have seen organizations fight for oversight of Bitcoin. But for corporate executives to come out and stand so against it while stating it is going nowhere just reinforces the fact that bitcoin is on the radar that much shows how strong it's traits really are. It shows how it has the power to radically change basic principles of financial institutes as well as radically change economic freedoms worldwide.”
There’s no doubt that Bitcoin has waxed stronger and become more popular with the passage of time, where it goes from here and what it becomes in the future will definitely unfold before the eyes of everyone.