Short Cointelegraph crypto-finance update (hosted by Victoria Henderson) discussing the rivalry between Bitcoin (BTC) and Bitcoin Cash (BCH), contrasting their technical trade-offs (block size, fees, security) and debating whether cryptocurrencies will become currencies or stores of value. The segment also highlights banking risks (ECB changes to covered deposits) as an argument for crypto self-custody and collects industry viewpoints and price predictions from figures like Roger Ver, Eric Jackson, Mike Novogratz, Jim Rogers, and representatives of major banks.
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Hi, this is Victoria Henderson with Cointelegraph and our crypto finance update. We've got a lot of news going on with bitcoin lately, so let's dive right in. It seems like crypto trading can sometimes feel a bit more like philosophy or war than simple finance. You have a lot of blindingly strong opinions about what is best and where it will go. This is obvious if you follow any sort of social media surrounding crypto or watch any videos online. Few people are out there saying, dunno, maybe so. So when it comes to Bitcoin v Bitcoin cash, you have a lot of hub up. Some are saying cash will overtake bitcoin for sure. Absolutely. And then you have others saying that bitcoin is the king now and forever. Well, it all comes down to the future of crypto as a whole. Bitcoin cash has larger blocks, which leads to less security but lower fees and faster transactions. On the other hand, bitcoin has smaller blocks and the legitimacy and attention it has been getting has made it appear as good as gold. A literal comparison some investors make. What it will come down to in the future of crypto as a whole, will it be an asset, a store of value, or will it be a currency? As it stands, Bitcoin cannot survive as a currency because many people can't afford the transaction fees and long wait. But could it remain a valuable asset? Sure. This is the sentiment put forward by Eric Jackson, CEO and co founder of Caplinked, when he said, I also believe that it is possible for bitcoin cash to coexist with Bitcoin. Bitcoin's appreciation over the past half decade has turned it into a store of value more comparable to gold than a currency. Roger Ver, sometimes known as Bitcoin Jesus, since he preached so heavily for Bitcoin in its early days, made a statement to Cointelegraph that Bitcoin cash is the real Bitcoin and will have the bigger market cap, trade, volume and user base in the future. With Bitcoin cash's recent price fluctuations, it's easy to see why people are taking notice. Whether this is true or not. CEO of Netcoins Michael Vogel believes that competition is good and that rivalry among companies will bring about better technologies. Of course, these guys aren't the only two with opinions. And like any argument in the modern day, social media is inundated with people taking one side or the other. This debate, debate and this rivalry are far from over. There will be more price drops and booms, blood, sweat and tears. But at the very least, none of the people interviewed about this debate tried to say anything about Satoshi's true vision. So will they both survive and become the new way we think about how we invest and how we spend? There's a lot more than a news segment to be said for all sides. So dunno, maybe. People who don't understand cryptocurrencies will undoubtedly have a harder time adjusting to the idea of them. Sometimes it helps to show exactly the sort of problems bitcoin can solve. The European Central bank has announced that they will no longer be offering protection for covered deposits and that withdrawals will be limited if the bank is on the verge of failure. How is it that bitcoin solves this? You can fail math, but math won't fail you. Bitcoin can't hold onto your money because it has no hands. It's based on cryptography and algorithms. The bank also reported that during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request. With bitcoin, you own your money. Always. You don't need to call and navigate your way through automated systems to find out you'll get your money in five days. No, it's yours, wholly and securely. Yours safe in your arms and not in the arms of the cold and sluggish bank. Axoni CEO Greg Chevy said, we're on a path to take this forward. We know the thing works now after a group of major banks including Goldman Sachs, JP Morgan and Credit Suisse saw a six month blockchain trial for equity swaps achieve a 100% success rate. On the other hand, some are still calling bitcoin a bubble, like Jim Rogers, an investor guru who said, it looks and smells like all the bubbles I have seen throughout history. Although he admits that he doesn't really know much about bitcoin, and other investors like Ronnie Moes believe bitcoin will hit 14,000 in the near future. And Mike Novogratz, a Forbes confirmed billionaire and bitcoin bull, has said, I think literally we end the year at $10,000 in Bitcoin. I think that is a decent move from here. I think we end the year at close to $500 in and of course, the most ironic and entertaining announcement comes from JP Morgan, who announced that JP Morgan is considering whether to provide its clients access to CME's new Bitcoin product through its futures brokerage unit. If people who invest in bitcoin are stupid, as Chase CEO Jamie Dimon said. Apparently he considers his own staff stupid. And isn't it ironic, don't you think? This has been Victoria with your crypto finance update. So what do you think? Is Bitcoin a bubble or is it the future? Leave a prediction in the comments below. And of course, don't forget to subscribe.
