‘Bitcoin will go to zero’: Davos talks up the future of blockchain

“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything,” Jeff Schumacher, founder of BCG Digital Ventures, said during a CNBC-hosted panel in Davos, Switzerland.

Schumacher is a big investor in blockchain-focused companies. During the debate, Glenn Hutchins, co-founder of Silver Lake Partners, said bitcoin’s role in the future may be focused on being a store of value.

“It might be that the role of bitcoin in the system could be to bring value back, to hold your value there while you have tokens that have other use cases that you aren’t using at the moment,” Hutchins said.

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