Alpha Conference Debates Bitcoin Future: Bullish or Rock-bottom
A top-level conference on financial institutions asset management, soon converted to a debate as major fund owners backed bitcoin investments or advised investors should stay away from it.
The venue of the heated discussion was the Delivering Alpha Conference in New York, with participants being august members of the financial investment community.
The big names included Digital Currency Group, Citadel hedge Funds, Avenue Capital Group.
The top capital investors who regarded cryptocurrencies as an agency of positive growth were Digital Currency Group’s, Barry Silbert. He has been an advocate of the coins and has been particularly invested in BTC. He did declare that at the current prices, the coin is at the bottom of the line-up. But, he reiterated that perhaps this would be cleavage point at which the prices may begin to rise again. The core aspect of his investing in bitcoin is that the latter is an asset class and it would continue to exist in this state, if not as an alternate currency for transaction purposes. It would continue to exist as non-fiat money eventually, was the CEO of the venture capital’s final opinion.
Circle, an agency which is backed by Goldman Sachs and Chinese player Baidu asserted at the conference that the blockchain technology would have a long-lasting effect on the evolution of technology platforms. Jeremy Allaire said that the new infrastructure for blockchain would eventually replace the internet platform – operating system and is simply more than being a digitized currency.
BlackRock, one of the biggest fund owners in the USA has been critical of bitcoins for some time now. The company popular for its sustainable environment philosophy and spilling over this mission to make their investments was, later found to be interested in the ways and means of cryptocurrency. In an open letter CEO of BlackRock appreciated the transparency that non-fiat currency would bring to the ecosystem and encouraged that investors should consider this technology in all intent.
However, much of the positivity that the big-reputation companies are able to bring to bitcoins, it was found that there were many who opposed investing in them as they were largely speculative by characteristics. Heading this list of investor community was Citadel Hedge fund, whose CEO, Ken Griffin, has been reiterating that BTC is not what the younger generation should believe in. In his keynote address, Griffin suggested that they should do more productive things than the digital currencies.
One of the most ardent advocates of this investment type has been Marc Lasry who has been announcing that BTC will breach the $40,000 mark any time soon. Lasry firm is engaged in managing debt and handles over $9.6 billion assets and hopes to see crypto trading as a major motivator for coins such as bitcoin. The debate on BTC as a coin of the future is explained by Lasry thus, “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.”