Bitcoin will not survive but that does not mean the entire cryptocurrency craze is dead with useful cryptos like Ripple and ethereum surpassing bitcoin, Benjamin Quinlan, chief executive officer and managing partner at Quinlan and Associates revealed.
Speaking to Bloomberg, he said: “We think that various forms of cryptocurrencies will survive and will do very well.
“We think that cryptocurrencies with potential applications and utilities such as ethereum or ether, smart contracts can be built on top of it, decentralised applications.
“Bitcoin in its current form can’t do that.”
“Other cryptocurrecnies have anonymity functions and privacy that far surpasses the level of bitcoin and some have transaction processing times that also surpass bitcoin.”
Quinlan compared bitcoin to early social media platforms which were overtaken but newer, more functional sites.
He said: “If we look at, and we drew an analogy and I’ve spoken about this before to our clients, it really is if you equate the blockchain technology to something like the internet.
“You look at the underlying applications of it, social media is just one application of the internet whereas cryptocurrencies is just one application of the blockchain.
But there are various social media players.
“There are players that started out initially when the social media platforms came about but due to the fact that they were not technologically as advanced as the competitors that came in, they really fell out of favour with investors.
“Bitcoin in its current form, although there are planned upgrades to deal with capacity issues, we think that if the market basically turns its back on bitcoin this year it will really fall out of favour relative to other crypts that have much more utility and value add.”
Eulogy made by Benjamin Quinlan