Glenn Hutchins, one of the biggest establishment names to very first venture into the world of cryptocurrencies, says bitcoin’s price is just noise that distracts from the bigger developments that are taking place.
Hutchins, co-founder of Silver Lake Partners, is more excited by the broader cryptocurrency ecosystem than he is by the bitcoin price smashing records: “I just really think people are missing the point. They should be talking about the companies,” he says in an interview with the Financial Times.
“Bitcoin could turn out to be the winner; it also could turn out to be Betamax.” Mr Hutchins is arguably the most widely known, Establishment-with-a-big-E figure to take a deep dive. The former private equity tycoon sits on the boards of the Federal Reserve Bank of New York, the Brookings Institution, the Economic Club of New York, the Center for American Progress, AT&T and, until this summer, Nasdaq. Hutchins is also a fellow at the Council on Foreign Relations, he once advised president Bill Clinton and is co-owner of the Boston Celtics basketball team.
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“It’s the biggest opportunity I’ve seen because the two most important things are business information and value. We can now move information around the world at the speed of light at no cost. Why can’t we do that with value in the future?” he asks.