Bitcoin (BTC) has been rapidly rising since the start of the year and is already up over 100%, attracting a lot of new investors and newfound excitement over the nascent digital asset.
However, not everyone is praising Bitcoin and excited for its future. Prominent venture capitalist, Jason Calacanis, who is known to be one of the earliest investors in the ride-hailing app Uber, recently warned people that Bitcoin could fall to near zero.
Calacanis made his warning remarks public via Twitter:
My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated
It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose
For most, that’s 1-5% of net worth
It will likely go to 0-$500. https://t.co/8Bs4PGmiN5
— 🦄🦄🦄🦄🦄🦄🦄 (@Jason) May 27, 2019
Is Bitcoin’s Tech Outdated?
Bitcoin is the world’s first successful cryptocurrency, and as such has older technology than many of the cryptocurrencies today, as well as the ones to yet to come.
However, just because Bitcoin’s blockchain technology is older doesn’t mean that newer, more sophisticated blockchain tech can replace it.
As previously reported by IIB, Bitcoin doesn’t get its value from technology, it gets value from being secure, resilient to change, robust, and reliable. These are the attributes that are important to money, not technology.
Technology is constantly evolving and innovating rapidly, so if the idea of money was based on tech, it would be getting replaced all of the time. Therefore, as long as Bitcoin remains secure and works, it will have value.
Do you think Bitcoin can be replaced? Or will more technologically advanced cryptocurrencies succeed alongside Bitcoin? Let us know what you think in the comment section below.
