Jason Kalakanis: “bitcoin will be replaced by new technology”
Well-known venture investor Jason Kalakanis (Jason Calacanis), who became one of the first investors of Uber, believes that bitcoin is outdated, and its rate may drop to zero.
“My position remains unchanged. Bitcoin is likely to be replaced by new technology. And the rate of bitcoin is manipulated. It may still show growth, but not necessarily. Invest in bitcoin as much as you can lose. For the majority it is 1-5% of the portfolio. Bitcoin will drop to $0-$500,” Kalakanis wrote on the social network Twitter.
Note that bitcoin is the first successful cryptocurrency, and the technology underlying its blockchain is indeed somewhat outdated. However, this does not mean that newer platforms will be able to replace it, since the value of bitcoin lies not in the advantages of its technology, but in the security, reliability and greatest acceptance among businesses.
In addition, many investors consider bitcoin “digital gold” because of some similarity with this traditional asset. According to the researchers of BlockTower Capital, within 10 years the volatility of the first cryptocurrency will reach the level of gold volatility.