“Blockchain is Fantastic But I’m Not Sure About Bitcoin” – PayPal Co-Founder Max Levchinbr>
PayPal co-founder Max Levchin has said that blockchain is a fantastic technology, but he’s not sure about the bitcoin’s long-term potential.
Speaking to CNBC during a Breakthrough Prize award ceremony in Silicon Valley, Levchin said that blockchain is a brilliant mathematical idea, fantastic technology, and an interesting commodity to speculate on. He added that it will be used in “different industries from financial technology to medicine.”
Levchin, however, is not too confident about bitcoin’s long-term future. He said “TBD on whether it’s a currency or just a way to make money fast. I invest in things that I have a strong, long-term point of view on, and bitcoin I’m still trying to figure out.”
Levchin’s comments on bitcoin contradicts Peter Thiel’s stance on the cryptocurrency. In October, Thiel, an American entrepreneur, venture capitalist and Levchin’s fellow co-founder at PayPal, said that while he is “skeptical of most cryptocurrencies,” he believes bitcoin has a promising future depending on the trajectory it takes. He said that bitcoin’s critics are underestimating the cryptocurrency’s great potential to become the cyber equivalent of gold.
“Bitcoin is based on the “security of the math” which means it can’t be hacked and it’s secure,” said Thiel. “Bitcoin is mineable like gold, it’s hard to mine, it’s actually harder to mine than gold. And so in that sense it’s more constrained.