Jim Armitage has spoken about his views regarding Bitcoin. Whilst he believes that the blockchain technology that Bitcoin is based on is strong and robust, he does not believe that it is worth its current value at all. It is the fundamental blockchain technology that he believes has kept Bitcoin alive, despite the many years of criticism by regulators, governments and the media.
He does not believe that Bitcoin, and other similar cryptocurrencies will replace the dollar, or sterling, he believes that they will become common global substitutes for cash transactions, all thanks to the strong technology that they have backing them.
In order to find out just how valuable such cryptocurrencies are, investment funds have been hiring the biggest and best people from Google and Facebook to analyse this data. It was found that there will be both winners and losers. Take US fund MetaStable. At they moment they are on a winning streak, and have been early backers of both Bitcoin and Ethereum, whilst they skipped The Dao, which got hacked, and Steem, which flopped.
According to Hedge Fund Alert, there are 15 crypto-currency funds that already exist, with 25 more that are raising money now. This shows that there is a new financial industry surrounding the blockchain, with applications varying from currencies to secure cloud storage.
So, despite the fact that Armitage does believe that Bitcoin is very much a bubble, the technology behind it is here to stay, and London investor’s should embrace it, as opposed to hide from it. The internet has made it harder for shops to make money, which has led a lot of them to lose their premises as they cannot afford the rent, which the landlords can raise at any time, should they be short of a little money.
Armitage finishes by adding that it is not easy to make money the traditional way anymore, which is why more and more people are turning to Bitcoins and other cryptocurrencies. He adds;
“…The wily old billionaire knows the easy money in malls is long gone.”.