As Bitcoin Rises, Executives Remain Bullish On Its Prospects

Investing, News | November 3, 2017 By:

As bitcoin continues rising to levels that only the wildest predictors foresaw at the beginning of the year, some investors are beginning to get nervous. Some prominent bankers and financial experts continue to insist that bitcoin is a bubble that will end badly, while even digital currency’s most ardent fans are wondering how much longer the bull run will continue.

Some comments from executives who are working in the field on bitcoin’s prospects and the sustainability of the current heights of the market.

Jeff McDonald, Vice President of the NEM Foundation: “Bitcoin has proven time and time again to be resilient.  As the leading principal blockchain project has demonstrated, not only does blockchain technology work, but it’s growing exponentially. While we are also seeing great growth and diversification in blockchain products and specialization, especially with projects like Ethereum and NEM, Bitcoin is not only remaining relevant but is doing a great job of staying dominant in the area of blockchain as a money service.”

Rahul Sood, CEO of Unikrn: “We aren’t at all surprised about Bitcoin crossing $7000. The fact is there is a finite amount of Bitcoin in the world, the transactions are open and transparent, it’s just a much better trading commodity than paper gold – and more convenient than Fiat currency. People should not be surprised by this move, they should try to understand it before dismissing it.”

William Quigley, CEO of WAX: “The recent price run-up in bitcoin can be attributed to many factors, but one of them is surely the growing awareness among businesses of the value of bitcoin in cross border transactions. Bitcoin seems pricey at $7,000 only both those who have not yet discovered the power of a global, immutable digital currency. Bitcoin at $100.  Too expensive!  Bitcoin at $1,000.  Outrageous!  Bitcoin at $7,000.  Its a bubble!  They never learn.  Bitcoin is unstoppable.”

Pete Wassal, CEO of Augmate: “Bitcoin transcends country borders and is the first electronic global value exchange that exists, it’s like digital gold. That, together with blockchain technology has the potential to disrupt many industries; the value is certain to continue in this upward trend.”

Dana Farbo, COO Augmate: “Bitcoin provides a combination of store of value and an increasingly accepted unit of exchange. Along with a finite supply and the current massive awareness hype, it can both ride the short-term upside wave and long term increases that are virtually unlimited.”

Colin Pape, Presearch Founder and Project Lead:  “Bitcoin at $7,000 is proof of the huge demand for digital currencies and the wave of new purchasers coming into the marketplace. It’s an exciting time to be an entrepreneur in the cryptocurrency space.”

Jordan Earls, Co-Founder of Qtum and Co-Chair of the Smart Contracts Alliance: “Bitcoin reaching an all time high illustrates that the blockchain industry is continuing to grow and at a record pace.”

Assaf Ben-Or, CEO of Greeneum: “Bitcoin marked the beginning of blockchain technology, and the community has built it into a global, decentralized economic revolution. Bitcoin reaching new heights signifies that the blockchain industry is making great strides.”

Dan Bates, CEO of ImpactPPA: “Bitcoin eclipsing the $7,000 mark is just more validation of the strength of cryptocurrency, and the fact that this new form of digital trust is the future.”

Arman Agaronyan, Partner, Manager, Investor of Spinbackup: “Bitcoin is now well over $7,000, and I think that this number will continue going up quickly as long as there is all this hype around Bitcoin. You have ordinary people wanting easy and passive income, so they are investing a lot of money into Bitcoin, regardless if they understand the technology or not. This is truly something unique, but we believe that once the hype ends, the price will go down to something more realistic, the thing is that no one really knows when that time will come.

Of course on the other hand, I believe that Bitcoin is absolutely legitimate, as there are countries like Japan and companies like Expedia accepting it as payment now.

If you consider buying Bitcoin, understand that this is a high-risk and high-reward investment. If you want to diversify your portfolio, then consider putting a small part of it into Bitcoin and see what happens. Personally, I think of collecting Bitcoins sort of like collecting art or baseball cards. It may be worth a huge fortune one day, even bigger than now, but you should always be prepared to never see the money that you invested ever again.”