FINTECH WEEK LONDON – Bitcoin – Panel Session Recap

4 mins read

Where are we with the bitcoin/cryptocurrency battle – are we winning?

The paradigm has shown and proven that bitcoin or crypto can be adopted. Corporates want to use it and people want to own it, so there is some hunger of sorts for it. It has established itself as an asset class and so it is here to stay. Winning will be when it reaches 7billion users worldwide.

Have mindsets changed in the last decade regarding bitcoin and crypto?

Not much has changed. Unfortunately, people still believe it is an avenue for shady activities such as money laundering and so on, therefore a lot of education is needed in those areas to demystify digital currency.

What inspires us about bitcoin?

  • Its decentralization
  • Consensus Mechanization
  • No need to present a token
  • People can tap into the system at anytime

Since we are at a stage where we can get cryptocurrency directly into people’s wallet, we need to see a balance between demand and supply in a decentralized cryptosystem and this is something that bitcoin has managed to do.

Do all coins compete, and are we at a stage where people understand that there is more room for cryptocurrency assets?

A multi-coin ecosystem is being built and so each coin will bring their own values. Once it can be decentralized and creates value, then that is what we want to build.

Do trends and ‘craze’ such as NFT’s affect the price of bitcoin

Not that much. As long as more people are buying and trading, it remains positive.

CBCC, is it good for crypto?

CBCC has value, is a digital currency and people need to use them more as it has value too. There is however education needed to be done to move people to digital wallets on the adoption front. CBCC will be driven by consumer demand and may be the gateway to learning about digital ledger technology.

The case of El Salvador – good news or nay?

It is historical and consequential; it will be an experiment that the world will learn from and there are ways to make it work and so, it is positive for the industry. It is also great on taxation and from a regulatory point of view because it is legal tender for a sovereign nation.

Bitcoin and energy – Big Hypocrisy or a big issue?

Albeit the whole conversation around this issue having been presented in a poor way, it is still something we need to talk about because the industry needs to play its role if it has to win more champions for cryptocurrency. Sustainability and energy usage are mainstream topics and as individual companies, there is a responsibility to use mechanisms that are more carbon friendly.

The Elon Musk Factor – Can we be mad at him or be happy with the attention bitcoin is getting?

Influencers play a big role in making people evolve in their way of thinking, even if temporarily because they can use the power of reach. Bitcoin can take advantage of this reach however to push for some form of engagement. On the whole, though, panelists think at the moment that the whole Elon Musk factor is not relevant, as we can focus on other topics such as mass adoption!

We are on a multi-decade journey with cryptocurrency, we can’t certainly say for how long in terms of total adoption but it will be a massive cultural and generational learning curve.

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