What’s left standing when the (bitcoin) bubble bursts?
In the AFR today, Elmer Funke Kupper (former CEO of the ASX) wrote an op-ed titled “Why Bitcoin will go the way of the tulips”.
There are a lot of other big name investors that share this sentiment including the Orcale of Omaha himself, Warren Buffet.
I agree. It seems as if the main driver of the Bitcoin price right now is the recent rapid rise in prices. A sure fire formula for a crash.
But does this mean that Bitcoin is soon to be defunct or dead as Kupper suggests when he says “there is no reason” for Bitcoin to exist?
I don’t think so.
As everything we do becomes more digitalised, digital currencies will become an increasingly important enabler. Though digital fiat currencies could address many of these issues (think a digital AUD), the ground swell support for bitcoin and the “fuck banks” attitude so many people have adopted, suggests to me that bitcoin will be around after the bubble bursts.
So, what’s left standing when the bubble bursts?
My feeling is that for many people Bitcoin is being used as a proxy for investing in decentralised Blockchain technologies.
After the Dotcom bubble burst over a decade ago there was still demand for websites to be built. I expect that history will repeat itself.
In his op-ed Elmer Funke Kupper had a section titled “blockchain is the revolutionary part” – and on this I completely agree. The opportunities for blockchain go well beyond currency and have huge potential in supply chain, logistics, identity management, healthcare ... the list goes on.
Excitingly, this isn’t just hypothetical. It’s real. It’s not just hype. Big industries are putting lots of time and money behind research and pilot projects – and the results are promising.
So when the bubble bursts, what’s left standing is a demand for blockchain based technologies and those that can design, build and integrate them into existing business frameworks.
For the people putting in the hard work now, the best is yet to come.
Blockchain tech has a real future and should be viewed in a different lens to Bitcoin. Their success or failure isn’t linked.
Most of my research into this space has been in developing the APAC Blockchain conference being held at the Melbourne Convention Centre next March. We’ve developed it in partnership with he peak industry body, ADCA. It’s not a bitcoin conference, but instead focuses on blockchain applications. If this is a space that interests you, check it out here:
For those interested, here is the AFR article I referenced: https://www.afr.com/opinion/columnists/why-bitcoin-will-go-the-way-of-the-tulips-20171115-gzmf4d
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