Venture capitals may like the ideas of other public chains like R3 but they will later realize that Bitcoin is the real thing after the Blockchain bubble bursts, says angel investor in Bitcoin and Ethereum startups, Chandler Guo.
He said in his interview with ether.camp at the Clare Hall of the University of Cambridge:
“We’ve come to revolutionize them, not to be in cooperation with them. So we don’t like them. They are a big company, banking idea. We come here to use Bitcoin to destroy their system, not to follow them.”
He also suggested that the price of Bitcoin could reach $10,000 or even as high as $1 mln.
Guo says that previously everyone talked about Bitcoin but not Blockchain. Now, the attention is on Blockchain in China and other parts of the world and nobody wants to talk about Bitcoin.
Starting new public chains
“In China today, almost every community jumps into Blockchain. But when they get to the Blockchain area, everyone has questions: what are we doing here? If we want to build a Blockchain, how do we start? How do we start a public chain?
Only public chain has value. Today, only POW can prove that it’s OK. Others like POS or some other ideas do not work today. So for a lot of entrepreneurs, they jumped into the Blockchain area but they are confused on what exactly to do. A lot of VCs follow entrepreneurs wanting to utilize their money but the VCs don’t know what happened. They want to invest in a company using the Blockchain but the VCs don’t exactly know what is going on.”
He said everyone in China and around the world are just after the bubbles they have seen, that are making bigger bubbles which will eventually lead to a bubble burst.
After the burst, they will all come back to reality to see what are the top five digital currencies in the market and will find that they are - in order - Bitcoin, Ethereum, Ethereum Classic, Litecoin and maybe ZCash.
“The truth is you cannot build international trust without a public chain. A lot of people want to build a Chinese public chain. And even here, some people want to build a UK public chain.
It’s not international. To be international means that when you build this chain, people from all around the world can jump in. It’s crazy to just jump in, you must have an idea. So I suggested to the entrepreneurs: wake up, don’t be crazy because we say the money is coming. Come back to see what exactly has happened with digital currencies…”
Guo hopes everybody comes back to doing what he likes doing because it is the best way to initiate a revolution against a world that is controlled by large companies and big families. He explains:
“Every country is being controlled by some big families. Some top five families control one country. There is a competition of who can print more money among these different families. So each family must work hard to print more money.
If they stop or they are slow, they’ll lose money. So think about three years later, when there would have been too much money printed, what would happen? People are not going to buy that. Today it is worthless. Cash is just like paper. People will now come back and say: what is the real thing? Then they will realise that Bitcoin is the real thing. So, that’s my idea, just to get people to come back.”
So in the future, when the revolution he foresees comes, he says it would come very quickly, so as that everyone will go and buy Bitcoin in every country like they do for gold today.
“In the future, Bitcoin will be more valuable than gold because it is a digital world. You can use the Bitcoin idea to make the world better as everyone is based on one thing - digital currency. Only Bitcoin. Others will be Bitcoin’s grandsons.”