Jeff Schumacher, founder of BCG Digital Ventures has taken an incredibly bearish stance on the future of Bitcoin, stating that the king cryptocurrency could tank all the way to zero, CNBC reports.
During a debate held in Davos, Switzerland, prominent crypto investor Jeff Schumacher admitted that he's not a Bitcoin advocate, stating:
“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.”
Schumacher has invested heavily in blockchain companies. Glenn Hutchins, co-founder of Silver Lake Partners, said during the debate that Bitcoin’s future may be shifting towards being a store of value.
“It might be that the role of Bitcoin in the system could be to bring value back, to hold your value there while you have tokens that have other use cases that you aren’t using at the moment,” Hutchins said.
He added, along with the other panelists that included CEO of Ripple, Brad Garlinghouse, that his primary motivation as an investor lies within the technology that powers cryptocurrencies: blockchain.
“I am much less interested in investing around bitcoin as a currency unit or a currency equivalent, or even the blockchain as an accounting ledger. I am thinking much more about the protocols. In other words, what is the underlying protocol going to do as a consequence of which, which tokens are valuable or not,” Hutchins explained.