First Shots Fired in the Cryptocurrency War (w/ Nick Colas) | The Big Story | Real Vision™


What’s been very clear watching Bitcoin, particularly
with the failed fork from last week, where they decided not to go ahead with an upgrade
to the software, and Bitcoin Cash came along and tried to steal a lot of thunder, is that
it’s clear there is a lot of money at stake in this space right now. And developers of alternative cryptocurrencies
are going to come for Bitcoin ever more aggressively on the issue of scalability, on the issue
of how much utility there is in the blockchain generally. So what we saw over the past five, 10 days
is really just the first shot in what I think is going to be an ongoing almost civil war
in the cryptocurrency industry because the stakes have gotten so high. We’re talking about $200 billion of total
value across all cryptocurrencies. And there is going to be a fight to see who
can hold onto or eventually push Bitcoin off of the number one spot. We saw a lot of that over the weekend. And I’m sure we’re going to see more because
the stakes are now high enough that people can dedicate 10, 20, 50 million to try and
create a new currency that will push Bitcoin off the top. And the question that be, is Bitcoin the Myspace
of cryptocurrencies, the first mover that never really actually was able to sustain
value? Or can it skip that kind of painful teething
stage and become, from the start, the first and most preeminent cryptocurrency out there. So I see a lot more volatility. I see a lot more contention inside of the
crypto space and people trying to push Bitcoin off the top spot. So it’s going to be a very interesting year. And I’m still bullish on Bitcoin generally. But I think if you are uncomfortable with
the volatility we’ve seen in the past year, you’re just going to see more of it in the
next year.

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