AngelList Co-founder Naval Ravikant has claimed that Bitcoin and the other cryptocurrencies have what it takes to solve the money problems of different kinds of people around the world. He added that the general public is looking for potential alternative places to store their money and watch it grow.
In his presentation at the Token Summit II that was held in San Francisco, California on Dec. 5, 2017, he talked about the phenomenal trading performance of the leading digital currency Bitcoin and the other virtual currencies and the reason behind it. He claimed that Bitcoin’s staggering upward movements are driven by the people’s hunger for an alternative investment that meets their needs.
He claimed that the fear by some market observers that Bitcoin is nearing ‘bubble’ territory is unfounded. However, he has not ruled it out entirely, but he claimed that the fiat currencies are also a bubble that never pops.
“Money is a bubble that never pops. It’s a consensus hallucination.”
Other highlights of Ravikant’s speech
Ravikant also told attendees at the event that some of the things in the digital currency industry have been overhyped. He cited as an example the very high regard shown by industry players in the concept of decentralization. He also claimed that there are lots of virtual tokens that are being traded at very high values but don’t deserve it. He, however, did not name any tokens.
“One indicator we are in a very frothy environment is we have a lot of tokens trading at very high values that are junk. Right now, I think the market isn’t distinguishing quality.”
In his presentation, the AngelList co-founder also cited some virtual currencies that he is interested in and the reasons why he likes them. Among them are Bitcoin, for storing value, Zcash, for an easy transaction, Basecoin, for a stable unit of account, and Tezzies, for access to the Tezos smart contract platform.