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Bitcoin & the 2 Schools of Thought

As bitcoin gained popularity in the FinTech industry, there have been two schools of thought regarding this virtual currency world. There are some users who are pretty confident and bullish about bitcoin, that the currency holds the potential of changing the FinTech environment. On the other hand, seeing the fluctuations and multiple security issues faced by bitcoin, the confidence level in bitcoin is diminishing among other users.

LTP has gathered some quotes from well-known personalities of FinTech Industry. These quotes are divided into two measures of scale. One part shows the positive things that have been said about this technology. The other shows the negative quotes that have been said over the past years about bitcoin.

Positive quotes about bitcoin:

1. "[Bitcoin] is a techno tour de force." - Bill Gates, Founder of Microsoft 2. "I am very intrigued by bitcoin. It has all the signs. Paradigm shift, hackers love it, yet it's derided as a toy. Just like microcomputers." - Paul Graham, Creator of Yahoo Store

3. I do think bitcoin is the first (encrypted money) that has the potential to do something like change the world." - Peter Thiel, Co-Founder of PayPal

4. "Bitcoin actually has the balance and incentives right, and that is why it is starting to take off." - Julian Assange, Founder of WikiLeaks

5. "Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value." - Eric Schmidt, CEO of Google

Negative quotes about bitcoin:

1. People were wasting their time with digital currencies such as bitcoin. This is my personal opinion: there will be no real, non-controlled currency in the world. There is no government that’s going to put up with it for long... There will be no currency that gets around government controls. - Jamie Dimon, CEO, JP Morgan

2. Bitcoin will fail to disrupt remittances. - Money Gram

3. Unless you are addicted to volatile trading for the sake of trading, stay away from the bitcoin. - Steve Forbes, Forbes Writer

4. The developers of bitcoin are trying to show that money can be successfully privatized. They will fail because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state.- Edward Hadas, Economics Editor for Reuters Breaking Views, for NYTimes.com

5. Bitcoin has a bad reputation. The decentralized digital crypto-currency, powered by a vast computer network, is notorious for the wild fluctuations in its value, the zeal of its supporters and its degenerate uses, such as extortion, buying drugs and hiring hitmen in the online bazaars of the dark net.- The Economist


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