Bitcoin’s value reached its highest level in history, approaching $20,000 in December last year.. Despite this, technology investor Glenn Hutchins said that Bitcoin could eventually be replaced by another cryptocurrency. He said that Betamax and VHS could be replaced by another cryptocurrency, similar to what happened between them.
Speaking to CNBC, Hutchins made the following statements:
“We need to talk about something called the Bitcoin protocol and this technology will use the internet to deliver value around the world. The Bitcoin currency that everyone is talking about is an entry in this process, but this is not the end point.. Everyone is focused on Bitcoin because they think of it from a commercial standpoint, and Bitcoin is an object that looks like commerce.”
Technologist Hutchins prefers to compare digital money with copper rather than the gold often associated with Bitcoin.
Hutchins said that Bitcoin could be similar to Betamax, in other words, Bitcoin holders could own something like XRP, Ethereum or Litecoin at the next stage.
Betamax, VHS previous version of the videotape format. In the 1980s, Betamax and VHS battled each other for supremacy, and VHS finally won.. Despite Sony’s Betamax, which offers better quality video, VHS won because it offers a more affordable home viewing experience.
Hutchins stated that a coin will eventually be accepted by the community, and different tokens for different applications in the future. Hutchins commented that Bitcoin does not have to be a single token, different tokens will be used for different applications.
Bitcoin is currently at approximately $ 8,600. .