{"id":197208,"date":"2018-11-27T17:00:09","date_gmt":"2018-11-27T22:00:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/cnbc-tech-correspondent-bitcoins-survival-hinges-on-people-believing-in-it\/197208"},"modified":"2021-07-30T03:57:39","modified_gmt":"2021-07-30T07:57:39","slug":"cnbc-tech-correspondent-bitcoins-survival-hinges-on-people-believing-in-it","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/cnbc-tech-correspondent-bitcoins-survival-hinges-on-people-believing-in-it","title":{"rendered":"CNBC Tech Correspondent: Bitcoin\u2019s Survival Hinges on People Believing in It"},"content":{"rendered":"

 <\/p>\n

While speaking on a recent panel, Elizabeth Schulze,\u00a0CNBC<\/a> technology correspondent, explained how Bitcoin\u2019s long-term survival as an asset and currency depends upon people believing in it.<\/span><\/p>\n

Bitcoin\u2019s Long-Term Survival Will Be Determined By Its Users<\/span><\/h2>\n

The current price action<\/a> witnessed with Bitcoin, is enough to shake even the strongest investor\u2019s hands.<\/span><\/p>\n

The continued price decline and the recent break of important support that took the cryptocurrency to new lows has created unparalleled fear, uncertainty, and doubt (FUD) in investors everywhere, who are now left questioning the long-term validity of their investment.<\/span><\/p>\n

That long-term validity, Bitcoin\u2019s very survival, will be determined by its users, according to Schulze.<\/span><\/p>\n

\n

\u201cBitcoin\u2019s success ultimately hinges on its customers \u2013 its buyers believing in it. It\u2019s not something backed. There\u2019s no authority that is going to come in and say \u2018we\u2019re going to buy Bitcoin if nobody else does\u2019 so there really is a belief in this system,\u201d Schulze said in a CNBC segment<\/a>.<\/span><\/p>\n<\/blockquote>\n

Bitcoin and cryptocurrency is a speculator\u2019s game. At the moment, it\u2019s nearly impossible to assign a realistic value to Bitcoin<\/a> or any of the thousands of cryptocurrencies in the wild. The value of other asset types are based on a number of tangible factors, such as revenue streams, assets, liabilities, and more.<\/span><\/p>\n

Related Reading: <\/strong>Apple Co-Founder Hopes Bitcoin Becomes Global Currency<\/a><\/em><\/p>\n

Cryptocurrencies and the blockchain technology they brought into existence are a new emerging technology that\u2019s applications aren\u2019t yet fully understood, making assigning a reasonable value extra challenging.<\/span><\/p>\n

Given Bitcoin\u2019s potential to replace the entire world\u2019s fiat<\/a>\u00a0currency system, its value could be extremely high \u2013 potentially hundreds of thousands per BTC given its scarce supply. But it\u2019s hard to say what Bitcoin should be worth based on its current use cases.<\/span><\/p>\n

This is why Schulze\u2019s comments ring true: Bitcoin will only succeed if enough people believe in the asset and technology changing the future, or at least believing in it as a form of payment, a store of value, or any of the other things Bitcoin is pitched as.<\/span><\/p>\n

Bitcoin Longevity Faces Challenge as New Money Dries Up<\/span><\/h2>\n

Since valuation is difficult, investors look to trends to tell them when to buy. And after so many retail investors and hedge funds got burned by buying into the last bull run, new money coming in has all but dried up, which can in part explain the continued price decline. <\/span><\/p>\n

\n

\u201cIt currently looks like there\u2019s enough early investors still out there, you know, it hasn\u2019t gone to zero. But not a lot of retail investors, not a lot of hedge funds, [or] overall investors [are] getting in,\u201d Schulze explained in closing.<\/span><\/p>\n<\/blockquote>\n

Bitcoin is currently trading at around $3,700, over 40% less<\/a> than it was just a month ago. The asset billed as \u201cpure digital gold\u201d is down roughly 80% from its all-time high in December 2017, leaving many wondering what will end up happening to the original cryptocurrency<\/a> that started it all.<\/span><\/p>\n

Featured image from Shutterstock.<\/pre>\n
 <\/p>\n
The post CNBC Tech Correspondent: Bitcoin\u2019s Survival Hinges on People Believing in It<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
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