What Well-Known Founders and Investors Think About Cryptocurrencies?
Many critics see in Bitcoin the big tulip mania. But what do those who have made a name for themselves with successful investments say?
Many critics are far from the financial markets, Silicon Valley and cryptocurrencies and often have not a single coin. We’ll take a look at the investors who have had a happy knack in their decisions and actively engage in cryptocurrency. They all expect something different from cryptocurrencies, from a financial speculative gain to world improvement. They have more or less agreed that Bitcoin and other cryptocurrencies are still at the beginning of their development and have a bright future ahead of them.
Twitter co-founder Jack Dorsey sees the big future in Bitcoin. The cryptocurrency prevails in his eyes as the main currency against all other digital currencies. It should be ready in ten years at the latest. Dorsey also reports openly about Bitcoin’s current inadequacies and issues in an interview. He is not a detached idealist, but rather a realist. Technical enhancements and changes to the blockchain should make Bitcoin attractive to even more people. That’s what Dorsey does for himself. In March of this year, he invested the equivalent of several million US dollars in the Lightning Network project. The goal of the project is, for example, to significantly increase the speed of Bitcoin transactions — to a level that makes the cryptocurrency mass-marketable in the eyes of many.
Wences Casares sits on the board of Paypal and has made a name for himself as a Bitcoin investor. Originally he comes from Xapo and has a corresponding crypto background. Similar to Jack Dorsey, he expects big leaps in cryptocurrency over the next five to ten years. He estimates the value of a Bitcoin to be over one million dollars over the period.
The name Bill Gates is linked for many with the technology company Microsoft and less with current technological developments. But the Microsoft founder has shown himself for a long time as an avowed advocate of the cryptocurrencies, but recently in a Reddit AMA somewhat unreflective criticism of cryptocurrency expressed. Since leaving the company, Gates has focused increasingly on international development assistance and improving health standards. His Bill & Melinda Gates Foundationis one of the largest private foundations worldwide. For Gates, therefore, the distribution of payment solutions and their costs are an important consideration. Many people in developing countries still do not have access to a bank account. Cryptocurrencies are a promising option for them in the near future. Gates attaches great potential to digital currencies, especially in the transformation of the financial sector.
The founder of the software manufacturer McAfee is probably the most convinced of the great growth of the next years. At least so convinced that he would sacrifice his manhood for it. The price climbs to over $ 500,000 by 2020, McAfee is convinced. “If not, I’ll eat my d*ck on national TV,” he tweeted exactly one year ago. Later, he even raised his forecast to one million US dollars. Whether this prognosis can be achieved, the time will show us. For him Bitcoin is the new “gold standard” in the Internet age. In January 2018, he left his company “to focus exclusively on cryptocurrencies,” as he justified the move. John McAfee never tires of appearing in the media. Be it with the McAfee Redemption Unit, a combination of crypto and fiat currency, his dispute with the SEC or, more recently, tragic with a poison attack on him. The company founder knows exactly how to use the media and how to set the scene.
Peter Thiel has become known as the founder of PayPal on the side of Elon Musk and is one of the richest business angels in Silicon Valley. He has proved (not only with PayPal) a clever hand for the right investment. The native German is also one of the first investors of Facebook. His conviction in Bitcoin even led him to invest in BitPay, a cryptocurrency payment service provider. He is firmly convinced of the success of cryptocurrencies. In his opinion, this currency could sustainably improve the world.
Former Facebook manager and founder of social capital Chamath Palihapitiya sees cryptocurrency as the major financial market disruptor. As a former investment banker, he stresses less the short-term speculative gains with Bitcoin but the long-term changes in the financial market. Cryptocurrencies have the potential to change the markets in a sustainable way. Transaction costs will fall and investor participation will increase significantly.
Overall, not all investors share the position of Charlie Munger, Warren Buffett or George Soros. It is also noticeable that the proponents come from the circles of the New Economy, while the toughest critics have often been rich in times of the old economy.
Marko Vidrih @cryptomarks
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