Investment firm chief predicts Bitcoin will ‘tank to zero’ at Davos World Economic Forum

Speaking at the World Economic Forum in Davos, Switzerland, founder of BCG Digital Ventures Jeff Schumacher launched a scathing attack against Bitcoin, claiming that the largest cryptocurrency will eventually “go to zero.”

The cryptocurrency asset class struggled in 2018, falling dramatically during a gruelling bear market. The overall market cap of cryptocurrencies peaked at $813bn in January 2018 before falling to $120bn one year later.

“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 said during the World Economic Forum, as quoted by CNBC.

Glenn Hutchins, co-founder of Silver Lake Partners, said that while he isn’t interested in the investment side of Bitcoin, he does see potential in the underlying protocol and technology.

“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: “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, and as a consequence of which, which tokens are valuable or not.”

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