Blockchain Technology and Digital Currency Enthusiasts Gush About Enormous Potentials of Bitcoin (BTC) Despite Massive Price Plunge

Bitcoin (BTC) has been through a lot recently. The digital currency has been struggling to keep up with its price, after plunging by more than 80 percent from its all-time high in December 2017. However, despite the poor and volatile price trend of Bitcoin (BTC), true blockchain technology and digital currency believers still gush about the enormous potentials of Bitcoin (BTC).

Bitcoin (BTC) Stands a Better Chance than Gold – Travis Kling

A lot of investors and traders out there still see BTC as the ultimate hedge against disaster. While speaking at the Cayman Alternative Investment Summit in Grand Cayman, Travis Kling said: “There is a really great chance we have something better than gold.”

Travis Kling is the chief investment officer and founder of Ikigai Asset Management – a digital currency hedge fund. Kling further added: “It is like a Credit Default Swap (CDS) against fiscal and monetary policy irresponsibility.”

Credit default swaps are akin to insurance policies, they pay out when borrowers default on debts. Credit default swaps became notorious during the crisis last year when one of the largest issuers of CDS – AIG – almost collapsed itself.

Just like other digital currency bulls, Travis Kling is disturbed by the pile-up of debt on government balance sheets and the extra miles central banks across the globe go to encourage growth. Many fear that low-interest rates and high budget deficits will eventually result in hyperinflation and this would greatly affect the value of the U.S. dollar as well as other top currencies.

Morgan Creek Capital Management Ventures into the Crypto Hedge Fund Space

Irrespective of the plunging value of Bitcoin (BTC), Morgan Creek Capital Management plans to complete its fundraising today by launching a digital currency fund. According to Mark Yusko – the CEO and founder of Morgan Creek – the fund will focus in part on the infrastructure of digital currency, the ‘picks and shovels’ of the crypto space.

In a statement, the CEO said: “We believe Bitcoin (BTC) will be one of, if not the, world’s largest network. We are currently in the middle of the greatest wealth opportunity, it is beyond all of our imaginations.” Morgan Creek is investing in a firm that is aimed at using distributed ledger technology to disrupt title insurers, says Yusko.

The underlying technology of Bitcoin (BTC) – blockchain – is a tamper-resistant digital ledger that eliminates the need for a middleman when recording transactions. Blockchain technology is seen as a game-changer in a lot of industries. The technology has several applications and more of its potential are yet to be discovered.

A lot of industries have started adopting the technology due to its enormous potentials. Blockchain technology is currently being explored in the finance industry, with more than 200 banks and financial institutions using the blockchain-based products of Ripple. The automobile and manufacturing industry is also exploring this technology, as some major car manufacturers are already in strategic partnerships with some blockchain firms.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,930.01
-0.01%

At the time of writing, Bitcoin (BTC) is currently worth $3,494 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $59.59 billion and its trading volume over the past twenty-four hours is $4.06 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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