At least that’s the position Google’s Director of Ideas Jared Cohen, who believes that Bitcoin has rooted itself onto the global internet community.
Jared on SXSW
Before Jared was employed by almighty internet giant, he served as an advisor to Condoleezza Rice and later Hillary Clinton. Even at that time, when he was working for the government, he highly supported the idea of free internet.
At the ongoing SXSW in conversation with Chairman Eric Schmidt Jared openly stated his belief that Bitcoin is the product that cannot simply go away: “I think it’s very obvious to all of us that crypto-currencies are inevitable.” The dialogue was part of the new book co-authored by both Jared and Eric.
Balancing the scales
However, the sky isn’t as bright as it could be. Jared’s optimism stays in balance with the notion of cryptocurrency’s volatility. Especially after the notorious attacks and the fall of Mt. GOX. While there may be a lot of value to Bitcoin, there are serious risks until some kind of regulation is imposed.
Currently, element that really threatens the well-being of cryptocurrencies is the long term self-keeping. Again, returning to GOX and Silk Road 2, there are understandable doubts regarding the trust that one could put into big and respected services.
Nevertheless, the Bitcoin is still afloat and regaining its value.
Google Ideas is a think-tank that dedicates its time and resources to understanding the novel technologies and what will be their role in the world around us and their possible influence on the political arena. The group also deals with cultural and social issues and the possible appliance of technology to overcome these.
Well, our dear readers, what’s your opinion? Is Google think-tank’s director right or you believe the media’s screams about the fall of the Bitcoin epoch?