Kraken’s business manager, Dan Held, has been involved in crypto space since 2013. In his latest interview with Cointelegraph, he immerses himself in the first crypto meetings in San Francisco’s Mission District and explains how the price of a bitcoin (BTC) could reach a million dollars.
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Watch the full interview for a trip down memory lane and a roadmap of Bitcoin’s future. Held also explains why Bitcoin could become a „very boring“ asset and why he thinks it’s time to stop experimenting with altcoins.
For more crypto-related content, go to the Cointelegraph channel on YouTube and press the subscribe button.
Bitcoin will become „very boring“
Bitcoin is famous for its volatility, but Held believes that it won’t always be that way. He thinks Bitcoin is a digital gold. With that thesis comes the expectation that there will be immense growth in the market capitalization of the asset.
„Bitcoin in its final stages in decades will be a very boring thing. Just like our grandchildren will say, „Grandpa, Grandma, I only hear about Bitcoin. Everybody has bitcoin.“ It’s like who cares? Like it’s a boring investment. It’s like having cash.“
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Held predicts that Bitcoin will be worth five to a hundred billion dollars in its „final stages“. This would result in a transformation from a highly volatile asset to a „very boring“ currency.
„Blockchain technology sucks“
Held’s belief in Bitcoin Loophole is unshakable. He has seen his net worth increase and fall by 80% three times. And yet, 90% of his current net worth remains in Bitcoin. His unwillingness to diversify his portfolio stems from a strong belief that blockchain technology is only useful for Bitcoin.
„Satoshi purposely created the blockchain technology to build Bitcoin. Blockchain technology sucks. It is terrible. Making so many trade-offs to build bitcoin is basically ineffective for almost anything else.
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Under this line of thought, which he calls „Bitcoin Minimalism“ despite Vitalik Buterin, he sees no reason for altcoins to exist. For Held, altcoins are just experiments that haven’t yet proven that blockchain is useful for anything other than Bitcoin.
For more interviews, market updates and everything else related to crypto space, go to the Cointelegraph channel on YouTube and press the subscribe button.