Bloomberg Holds Bitcoin Conference On “Bitcoin: Beyond the Currency”

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Bloomberg Holds Bitcoin Conference On “Bitcoin: Beyond the Currency”

Titled “Bitcoin: Beyond the Currency”, the Bitcoin conference was organized by Bloomberg, the noted financial information provider, at its headquarters in New York. The event was successful one that talked about various dimensions of the digital currency and its future as well as role in the larger context of the economy.

The “Bitcoin: Beyond the Currency” conference covered various topics; the initial panel for the day was on “Bitcoin as Technology” wherein Will O’Brien, CEO of BitGo, gave his perspective. He admitted that he is optimistic about the digital currency as it is going over the next few years. He says 2015 is going to be a very big year for the cryptocurrency.

Bitcoin which has faced a lot of decline in exchange value in one year from reaching $1200 in October 2013 to falling below $300, according to Will O’Brien, has a lot of potential. He says next year there will be massive consolidation of the industry startups – small and large Bitcoin companies.

O’Brien predicted that all these companies have been the beneficiaries of investment capital and according to him not only the high-profile companies that have accounted for the more than $300 million in venture capital investments so far this year, but also the small, incubated companies that might have raised just $250,000-$500,000.

Felix Salmon, a Financial Blogger Says Bitcoin Backers are like Goldbugs

However, Felix Salmon, a financial blogger and early Bitcoin skeptic, did not agree with what O’Brien was saying. He dumped cold water on a room of alt-currency enthusiasts gathered saying that Bitcoin is pure Silicon Valley utopianism and Bitcoin backers are blinded by “solutionism.”

According to Felix Salmon the investors who embrace the currency are no more rational than goldbugs. However, Peter Smith, president of Blockchain, came up with a mixed opinion when said that there simply aren’t enough people working on Bitcoin technology yet. He admitted that there’s already a shortage of developers in technology, but then there’s even fewer developers who understand Bitcoin.

He further explained that one thing the industry can do better is getting developers interested in Bitcoin and getting them hacking on it. According to him, the Bitcoin industry needs more horsepower. He showed his concern and said that he is worried about regulation, but in twenty-five years, this will be the backbone of our financial systems as it is unstoppable.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com