Does Bitcoin have a future? Bloomberg today reported on how Bitcoin is used and whether or not there is real value in the currency. Several illustrious Bitcoin disbelievers joined together around the Bloomberg desk to discuss the state of Bitcoin and its future. The team reiterated that we still don’t know what it is, a payments system or a platform, and Howard Ward of GAMCO compared it to the the “tulip mania” from the Dutch Golden Age. Tulips were selling for much more than their weight in gold and that bubble eventually popped.
In the clip, Bloomberg Businessweek’s Brendan Greeley reported that there is still very little confidence in the digital currency as a means for transferring money. The team went on to discuss mPESA, the largest payments network in Kenya which is working well, while Bitcoin can not match that. To learn more about the possibility of Bitcoin becoming a way to improve financial services in the developing world, Greeley asked the founder of Market Platform Dynamics, economist David Evans, for his opinion. Evans weighed in saying that he was doubtful that it would.
For full coverage, watch the clip here.