The speculation regarding the future of Bitcoin has remained a persistent phenomenon. Predictions about what may become of the cryptocurrency have come in different shapes and sizes. Where is Bitcoin headed? What factors will determine the stability, or lack thereof, of Bitcoin?
A number of government and bank executives have openly criticized the currency, considering what they have perceived in their opinion as fundamental factors that will work against the currency in the near future.
One example is Jamie Dimon’s, CEO at JP Morgan, comment on CNBC in Davos.
Cointelegraph asked experts what they make of these negative predictions from certain quarters regarding the cryptocurrency.
The reasons he gave for this includes the fact that Bitcoin is already being accepted around the globe by many of the largest shopping sites, he also stated that more than a hundred thousand new people start using Bitcoin every single week and that these are the signs of a currency that is on a path to be used worldwide, stating categorically that Team Bitcoin has an amazing amount of talented and creative people working to make it a success.
“People will look back upon Jamie Dimon’s quote the same way we look back at Paul Krugman’s quote about the internet becoming no more important than the fax machine.” Concluded Roger.
“No surprise, this monologue has been repeated since day one yet Bitcoin is the best performing currency in 2015 (from what I understand). Banks have focused on taking things they love most about Bitcoin and removing things they don't. So now you're left with back office efficiencies among banks leading to lower operational costs, none of which is very exciting or beneficial to humanity in the biggest picture.
“Parroting the unified media statement of the banks only points the finger back to themselves and uncovers how scared to death they are vis-a-vis bitcoin. Their actual goals are to make savings, present some "innovations to their investors", and to preserve the financial status quo, not to enhance it, not to repair what is wrong, no!
That's why I strongly believe in Bitcoin, there is a vision for an independent private ownership, for a free and voluntary exchange. Bitcoin may not have the budgets and the PR crew, it may have technical difficulties to overcome, but it has a clear reason for existence.
“Clearly, Jamie doesn’t find Bitcoin (the currency) useful for him and he probably can’t imagine ever using it. And of course, if Bitcoin is not useful for you it will be hard to imagine that it can also be useful for others, that is why we keep hearing experts telling us that Bitcoin is going to fail. Give it some time, these experts always turn out to be wrong.
Sam Castaneda is the Co-Founder at UTXO, a Bitcoin company based in Texas. This is Sam’s opinion.
There’s no doubt that Bitcoin has waxed stronger and become more popular with the passage of time, where it goes from here and what it becomes in the future will definitely unfold before the eyes of everyone.