Yesterday, we reported on Civic CEO Vinny Lingham’s words of prophecy around Bitcoin and cryptocurrencies at the Money 20/20 Conference being held this week in Las Vegas.
As reporting continues to come out of the conference, there’s a clear consensus emerging from a number of voices in the industry – the idea that although Bitcoin prices may move hither and yon in response to volatility, it’s a slow and steady move toward growth.
The Money 20/20 event, held this year from October 21-24, is a big deal, with over 11,000 in attendance and more than 450 speakers as well as hackathons, exhibits and much more. There are some familiar names, too, like Virgin’s Richard Branson and Akon, a Grammy-nominated artist and producer who also unveiled his own “Akoin” cryptocurrency.
Conference attendees are hearing more long-term bullishness on the power of Bitcoin to remake national finance.
For instance, take a look at this new reporting today on remarks by Dash CEO Ryan Taylor, who called central bank issued cryptocurrencies the “inevitable future.”
“I do think (the sea change toward crypto) is inevitable,” Taylor said, according to Max Yakubowski’s reporting at Cointelegraph today. “(Governments) all are going — through either competitors’ pressure or through their own desires — to launch their own cryptocurrencies. But I don’t think it is where the greatest innovations will occur.”
Elsewhere in today’s conference reporting, analysts are quoting HSBC’s Global Innovation Lead for Global Liquidity & Cash Management Craig Ramsey, who talked about how central bank digital currencies or CBDCs will challenge other types of settlement systems.
“It doesn’t need to happen in the next six-nine months,” Ramsey said. “It’s too early to say which would win — it’s about the transition and dialogue that will create the ecosystem.”
Talk to some of those with the closest eyes on Fintech, and what you hear time and time again is the idea that although there are challenges and obstacles to be worked out, there will be a steady march of government and business offices toward blockchain related technologies including Bitcoin and other types of coin offerings, many of them with impressive ICOs.
“We’re still in a very big long-term bull market for Bitcoin prices,” said Brian Kelly BKCM Founder and CEO in an interview with The Street this July on his undying enthusiasm for Bitcoin. “The development continues on pace … The price of Bitcoin is going to fluctuate all around – but the technology itself is staying the same.”
Kelly also responded to questions about prior Bitcoin slumps after wild spikes.
“The rise … clearly is speculative, without a doubt. But that happens in any market … the underlying fundamentals of what’s being built (are) incredible. .. you need to detach the speculative part of the Bitcoin ecosystem … we really need to keep in mind that this is early-stage technology.”
Today, BTC – USD continues its sideways crawl. Investors are hoping some of this week’s enthusiasm eventually moves the needle.