Following a number of his colleagues in the financial sphere, PayPal Co-founder Max Levchin has said that Blockchain technology is revolutionary, but he’s still not sold on Bitcoin. The wildly successful entrepreneur is open on the cryptocurrency but still unsure of its long-term stability.
Based on an interview, Levchin made it clear that the power of Blockchain technology should be far-reaching, but there’s just no certainty with Bitcoin. However, the genius of the cryptocurrency is without question. He said:
“It’s a brilliant mathematical idea, fantastic technology, an interesting commodity to speculate on. TBD on whether it’s a currency or just a way to make money fast. I invest in things that I have a strong, long-term point of view on and Bitcoin I’m still trying to figure out.”
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Many have been praising Blockchain technology but discarding Bitcoin in recent months. Finance industry leaders like the President of the World Bank, Mastercard, and others, have suggested that the future of Blockchain is bright, but may or may not include Bitcoin in its ranks. According to Levchin:
“I think a form of a Blockchain technology, Bitcoin or otherwise will be essential and will not go away. Not only that, it will continue advancing and being used in many different industries from financial technology to medicine. But it’s not clear to me whether Bitcoin itself is the great long-term investment.”
However, in spite of the relatively negative responses, the cryptocurrency continues to post all-time highs. At press time, the price was at $11,652.