Davos talks up the future of blockchain

Yu Chun Christopher Wong | S3studio | Getty Images

A visual representation of the digital Cryptocurrency, Bitcoin, is seen on September 04 2018 in Hong Kong, Hong Kong.

The price of Bitcoin could nosedive to zero, a top investor in the crypto space told CNBC during a debate, which focused on the future of the underlying technology known as blockchain.

Cryptocurrencies had a wild year in 2018, with over $480 billion of value wiped off the entire market, according to data from Coinmarketcap. After hitting a record high in 2017, Bitcoin, the world’s largest cryptocurrency by market capitalization, fell dramatically. It was trading at $3,571 at around 11.15 a.m. London time Wednesday.

Some experts believe it could go even lower.

“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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