In a very interesting edition of the Unchained Podcast that you really need to hear, BitMex CEO Arthur Hayes made an interesting comment that he believes that Bitcoin is still an experiment.
Arthur Hayes went onto state that he thinks the crypto-sphere is still relatively small and the jury is still out in regards to whether Bitcoin can become more secure over the next decade.
Is Arthur Hayes Right?
If you haven’t checked out episode-97 of the Unchained podcast, you need to right away. The episode is hosted by Laura Shin with guests that include BitMex CEO Arthur Hayes, the co-founder and executive Reddit chairman Alexis Ohanian and the chief marketing of Digital Asset Dan O’Prey.
The show discussed a myriad of crypto-related issues with the main topic being the current crypto winter and how and why Bitcoin has lost so much of its value over the past month or so.
Arthur Hayes went onto say that Bitcoin is still in an experimental period and only time will tell if it will become more secure. Here is an extract from Hayes’ comments on the podcast:
Apple has more cash on its balance sheet than the whole value of the industry that we’re talking about. So, it’s insignificant in terms of where it is today. Could it become a bona fide asset class in the next 10 years? Maybe. The jury is out on whether or not Bitcoin is actually secure over the long run. It’s had a decade, which is pretty good, but it’s still an experiment. So, the jury is out, but it’s looking like it could be a new way of raising capital and sending value around the world.
Alexis Ohanian Disagrees with Arthur Hayes
Alexis Ohanian slightly disagreed with some of Hayes’ points and believes that Bitcoin has already shown its capacity as a storer of value. And although he conceded in regards to the youth of Bitcoin, Ohanian went onto say that:
I do think, as a store of value, Bitcoin has been – and this is particularly for people outside of this country – a tremendous resource. And we’re already seeing, even anecdotally, money getting moved out of countries on thumb drives where gold is literally being confiscated from people as they make their way out.
Ohanian used Venezuela as an example of how it is possible to use Bitcoin to get cash out of a country safely. He also conceded that Bitcoin at the moment is a material investment that is still “tremendously risky”.
The Unchained podcast has raised some really interesting issues currently facing the crypto sector, and with Arthur Hayes going head-to-head with Ohanian and O’Prey, it really is compelling listening.
Images from BitMex and Shutterstock.