“Bitcoin is the first global monetary system”: CEO meeting in bull mood

At the Bloomberg Crypto Summit, the who’s who of crypto celebrities took over the handle. The general tenor: Bullish.

Digital conferences are booming in pandemic times

Just a few weeks ago, MicroStrategy presented the World 2021 Summit . Now it was the turn of the renowned media company Bloomberg , under whose patronage the elite from the crypto industry met. Topic # 1 at the Crypto Summit ? How could it be otherwise: Bitcoin.

The three-and-a-half-hour summit resembled a teleshopping event, except that necklaces and vacuum cleaners were not advertised, the drum was promoted for the largest digital currency. The list of participants was quite impressive. In addition to BitGo CEO Mike Belshe, Silverlake co-founder Glenn Hutchins, ARK investment CEO Catherine “Cathie” Wood and Coin-Metrics co-founder Nic Carter, Avanti-Bank founder Saitlin Long, Grayscale CEO Michael Sonnenshein and WEF blockchain expert Sheila Warren were also there and CMT-Digital managing director Colleen Sullivan with them. Michael Saylor, CEO of MicroStrategy, was also present.

In various thematic blocks, the conference gave an all-round look at the most important market developments. But all speakers agreed on one thing: The Bitcoin Sunrise train cannot be stopped, or as Colleen Sullivan put it: “The crypto-Djinn is out of the bottle”.

The bitcoin triad

But even as Bitcoin matures as an asset class and more and more investors get into digital gold, according to Silverlake co-founder Glenn Hutchins there are still no use cases. The broad masses are still critical of the asset. However, this is due to a lack of understanding of the network effects.

We need to show consumers use cases for this technology, then they will understand what it is.

Investors are still fixated on the asset. Bitcoin is more than “just” a currency or a store of value. Rather, it is the unique symbiosis of asset and network. To make this clear, Hutchins quoted his favorite metaphor: Bitcoin could be thought of as a railway network in which the protocol represents the rail, Bitcoin the freight wagon and the blockchain represents the loading list. This perfectly aligned network is revolutionizing the global distribution of money.

Its primary purpose is not store of value, but use cases that make it valuable.

Glenn Hutchins

It is only through use cases that the actual value of Bitcoin emerges. As an example of a practical blockchain use case, Hutchins cited the NBA Top Shot’s digital trading cards . The collectibles market is meeting with enormous demand and is already bringing the NBA a daily income of around one million US dollars. In addition, investors perceive secondary markets on which the trading cards continue to be traded.

Posted in Bitcoin