After reaching a high of $20,000 in December 2017 and now falling over 80 percent to $3,500, even the top investor in blockchain, the underlying technology for cryptocurrencies, has no faith in Bitcoin.
The current price of the leading cryptocurrency is now $3,593.81 as of 3:30 p.m. ET–down 0.52 percent in the last 24 hours.
“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,” said Jeff Schumacher, founder of BCG Digital Ventures, during a CNBC-hosted panel in Davos, Switzerland.
Schumacher, an investor in blockchain-focused companies, was part of a NBC-hosted panel in Davos, Switzerland. Also speaking was Glenn Hutchins, chairman of North Island, who was more optimistic of the cryptocurrency as a store of value.
“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,” said Hutchins.
However, Hutchins was quick to also cite that blockchain will be the default play in terms of investment.
“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 as a consequence of which, which tokens are valuable or not,” said Hutchins.