Bitcoin’s position as the most significant digital currency in the world is threatened according to a financial expert. The Chairman of North Island Glenn Hutchins believes Bitcoin could be replaced by a new cryptocurrency and relates it to what happened with VHS and Betamax in the 1980s. Hutchins in an interview with CNBC said:
“What we should talk about is the bitcoin protocol. That is the technology that should be used to give the internet the capability to move value worldwide, in the speed of light way.”
The tech expert went on to compare the cryptocurrency to a kind of metal, picking copper instead of gold, which is an option commonly affiliated with BTC. According to him:
“I believe Bitcoin is more like copper. It is similar to industrial metals used to drive an outcome.”
“Bitcoin could become like Betamax. Hence, you could have XRP or litecoin or ethereum that actually becomes the new token that is going to be used more.”
Similarity To Betamax
Betamax was an early video cassette format that competed with VHS tapes.
During the 1980s, Betamax and VHS fought to dominate the market, and in the end, VHS won the battle. Despite Sony’s Betamax providing better quality video, VHS tapes won because it was offering a cheaper home viewing experience.
Hutchins further explained that one cryptocurrency would eventually replace Bitcoin and be generally accepted by the public. According to him:
“The digital currency of exchange in the heart of the solution that leads this technology will be there eventually, and different tokens will be utilised for various applications.”
Hutchins said bitcoin doesn’t have to be the sole token available because different symbols will be utilised for various apps.”
Bitcoin’s price stood at 9,268.85 USD as at Thursday, as reported by CoinDesk.
Warren Buffett, the billionaire investor, said: “BTC is “rat poison squared.” He believes that the fascination surrounding the cryptocurrency has resulted in a price rally in recent weeks.