Billionaires Howard Marks and Marc Lasry commented on CNBC today on Bitcoin's future

Image source: pixabay - A_Different_Perspective

Clearly not everyone is convinced of Bitcoin's value, and would rather put their coins into piggy banks and let the value of money slip away - through inflation. At the eighth annual CNBC and Institutional Investor Delivering Alpha conference in New York, billionaire investor Howard Marks doubts the future of cryptocurrency calling it a "trade" rather than an investment.

"Not because they can specify its intrinsic benefits. Not because they can judge the intrinsic value. But only because they think it's going up," Marks said.
Source: CNBC - Michael Sheetz

Marks thinks that Bitcoin and cryptocurrencies do not show any substance, even in the long run. He may have missed the point as gold traditionally do not hold much value. Gold's increasing demand have seen prices going up in the last 50 years. The use of Gold in many industries as well as a store of value has been the reason for maintaining its price.

With digital currencies, store of value is much more convenient that gives access of all of your digital assets no matter where you are in the world. Imagine only 10 percent of the world is actively using cryptocurrencies, to reach half of the world's population would already see prices going up by 5 times. That would translate to about $30,000 per Bitcoin.

Image source: pixabay - Free-Photos

On a more optimistic note, Billionaire Marc Lasry sees Bitcoin prices rise up to $40,000 as it becomes more accepted and easier to trade.

"As it gets more into the mainstream, and as more markets end up allowing it to trade where it's freely tradable, to me that's more of the bet," Lasry said.

Source: CNBC - Berkeley Lovelace Jr.

Lasry believes that Bitcoin "the one everybody is going to come to". Gaining recognition of a new asset class such as digital currencies is a challenge as I would think of first-world countries who might lose value in their self-created paper fiat currency.

Image source: pixabay - tombark

Bitcoin is built on a decentralized network and thus the ability for government bodies to manipulate its price to be difficult. Paper money has always been easily printed and inflation is the fallacy for fiat currencies. We cannot control how much money the government prints, and uses it for themselves, but for Bitcoin, we know its value upfront and no one is secretly working in a Bitcoin printing factory.

As challenging as it is, two US House of Representatives Committees, the Financial Policy Subcommittee and the House Committee on Agriculture will discuss about the extent to which the United States government should consider cryptocurrencies as money as well as the emergence of digital assets respectively. Source: express.co.uk - David Dawkins.

"Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter." Guy Hirsch, US Managing Director of eToro commented.
Source: express.co.uk - David Dawkins

Any discussion about cryptocurrency at this point is beneficial to help regulators and the public clarify doubts.

-tysler