“I believe the term ‘Bitcoin’ won’t even exist in five years. And that’s okay!” said Halsey Minor, CEO of Bitreserve, in a blog post on Monday that’s since been taken down due to bad public relations.
The statement he made caused a minor uproar in both the bitcoin communities of Reddit and the communities of BitcoinTalk, leading to discussions on what Minor could believe. Being the head of a bitcoin-focused company, it’s almost impossible to think that he might believe bitcoin isn’t poised for success.
Surprisingly enough, this isn’t the first time Bitreserve came out with comments that weren’t all that favorable to bitcoin’s future. The company’s executive vice president, Juan Llanos, also wrote a blog post with this quote emboldened:
“We may not recognize the long-term sustainability of bitcoin as a currency, but we understand and embrace the potential of the Bitcoin protocol to unlock the doors to a more accessible, transparent and accountable financial system.”
Now there’s a quote to get worried about if you’re a customer on their platform. A company that is dealing in bitcoin now has two executives who both either don’t believe in Bitcoin’s future or don’t understand how it works.
The head of marketing stepped in after Minor’s comments were taken down to try and set the record straight on behalf of Bitreserve, blaming semantics as the reason for the misunderstanding. According to her, the important word in the quote was “term.”
“The term “‘Bitcoin’ not existing in 5 years” may very well be our sign that we’ve all collectively succeeded. The protocol is a vast and beautiful technology that continues to drive innovation in an industry that is ripe for disruption.”
She continued, saying, “contrary to the general sentiment surrounding this thread, we believe Bitcoin is going to be way bigger than ‘Bitcoin.’ Thanks for everyone’s collective involvement as we shape digital money.”
The issue with that defense, however, is that the reaction to the quote wasn’t about semantics at all. Minor’s thoughts and feelings, coupled with those of Llanos, showcase a severe lack of understanding of what Bitcoin is altogether by two major figures at Bitreserve.
Let’s set this straight: It’s not a crazy idea to believe that Bitcoin might fail, leading to a rise in another currency becoming more popular as it follows in its footsteps. However, it is a bit crazy to think that way when you run a company designed specifically for Bitcoin.
Minor continued in his blog post to compare Bitcoin to Netscape – an internet browser that isn’t around anymore or known by very many internet users. Minor said Netscape kickstarted a movement on the Internet, and Bitcoin was poised to go the same way.
Of course, in Minor’s analogy the Bitcoin protocol would be the Internet. Netscape was just the “killer application,” that eventually died off. But people still use the Internet – meaning that people would still use the Btcoin protocol. In fact, Bitreserve would assume the role as an opposite to Netscape…meaning that it might die out in five years. But the internet/Bitcoin protocol would not.
At the essence, Minor’s analogy showed a misunderstanding of what Bitcoin truly is – a notion that might be a bit unsettling for a company that’s built on it.