It took place at the Soho Forum and the event saw Erik Voorhees, the CEO of exchange service ShapeShift, arguing that government-backed monies will eventually be replaced by bitcoin and blockchain innovations. The world’s most famous digital currency, he said, just needs gradual adoption to eventually win.
Meanwhile, Peter Schiff provided a dose of skepticism. He said people are not currently buying into bitcoin or other cryptocurrencies to use them; they’re here to get rich. In his opinion, bitcoin is primarily seen as a speculative asset. Actually, even people who do want to use bitcoin cannot do so easily.
“The biggest problem with bitcoin and why it can never be used as money is because [currency] has to be a reliable store of value, not just a medium of exchange,” he said.
Voorhees responded: “I remember when it was a big deal when bitcoin moved 50%. Today, it’s a big deal when it moves 10 percent. I think in a few years it’ll be a big deal when it moves 2-3 percent. While bitcoin is volatile today, I think this problem is self-correcting.”
“The biggest obstacle to adoption is most individuals want governments to manage money for them. Until that changes, bitcoin will play second fiddle.”
