Fortune500 convened some top cryptocurrency entrepreneurs, venture capitalists, bankers, and others to chat about the future of digital money focusing on Bitcoin’s and Ethereum price today
The crew of experts weighed in on everything from the longevity of Bitcoin, the original cryptocurrency and blockchain, to the latest trend of hosting so-called token sales, ICOs, to fund projects, especially on Ethereum, a rival blockchain to Bitcoin’s, to the future of a decentralized web. Here are some of the predictions we heard.
- Bitcoin and Ethereum are here to stay
Most people who are enthusiastic about cryptocurrency appear to agree that Bitcoin and its newer rival Ethereum have staying power, though they may be more bullish on one versus the other
Peter Smith said his company, Blockchain, which was early to Bitcoin, has only just started to warm up to newcomer Ethereum. In contrast, Mike Cagney, CEO and cofounder of SoFi, a personal finance company, said during a separate session on the main stage that he was hotter on the latter technology.
Bitcoin “has some purpose but its application for commercial transaction is limited right now,” Cagney said. “The blockchain and Ethereum, on the other hand, have absolutely fascinating infrastructure applications,” he continued, mentioning the possibility to overhaul title insurance, which involves policies related to real estate, as one example.
- As yet unknown coins will hit the big time
Bitcoin and Ethereum may have stolen the show at this point, but the innovation won’t end there. Expect more winners on the horizon. with more and more people googling ‘What is Ethereum price today?’ we expect that other coins will want to steal some part of the spotlight for themselves
Kathleen Breitman is hopeful that Tezos, her own blockchain bet, will fill a niche that solves problems with extant blockchains. In particular, she and her project’s developers are designing Tezos to automatically push software updates out to the network, thus, in theory, avoiding the divisive feuding over upgrades that has wracked systems like Bitcoin over the past few years.
No one can say how many tokens and coins and blockchain protocols will eventually win out, but the experts seem to think there’s room for a multitude. “It’s likely that another one or two dominant ones we haven’t seen yet in the market,” Smith projected. “Another really dominant coin could come out this year or next year.”
- Sure, people will get burned
For the time being, token sales might seem like a fantastic way to raise a lot of money quickly and with few questions asked. Will this lead to riches for some? Undoubtedly—indeed, it already has. And rip-offs for others? Almost certainly.
Smith said he presumes that market manipulation and insider dealing is rampant among purveyors of initial coin offerings. “We’re cautious about it in the short term,” Smith said of his company. “But you have to temper that with the idea that every new technology is going to be like that in the beginning.”
Brad Garlinghouse, CEO of Ripple and a former executive at Yahoo, voiced his less forgiving concerns about the sector on a separate panel. “Heavily regulated markets are typically heavily regulated for a reason,” he said. “Frauds are happening, people are going to jail.”
- Cryptocurrencies will pressure incumbents to improve
Whenever a consumer swipes or dips a credit card, payment processors charge a fee.
Nicko van Someren, chief technology officer of the Linux Foundation, pointed out that the fee companies like Visa or Mastercard charge exceeds the cost to clear or settle transactions. These businesses can potentially process transactions quicker and cheaper, he contended.
For investors rushing in to invest some part of their money, please be reminded to use spare cash that you afford to let go, should incase the Ethereum price today falls way below expectation