Bitcoin Itself May Not Last But the Concept is Inevitable

At least that’s the position Google’s Director of Ideas Jared Cohen, who believes that Bitcoin has rooted itself onto the global internet community.

Jared on SXSW

Before Jared was employed by almighty internet giant, he served as an advisor to Condoleezza Rice and later Hillary Clinton. Even at that time, when he was working for the government, he highly supported the idea of free internet.

At the ongoing SXSW in conversation with Chairman Eric Schmidt Jared openly stated his belief that Bitcoin is the product that cannot simply go away: “I think it’s very obvious to all of us that crypto-currencies are inevitable.” The dialogue was part of the new book co-authored by both Jared and Eric.

Balancing the scales

However, the sky isn’t as bright as it could be. Jared’s optimism stays in balance with the notion of cryptocurrency’s volatility. Especially after the notorious attacks and the fall of Mt. GOX. While there may be a lot of value to Bitcoin, there are serious risks until some kind of regulation is imposed.

Currently, element that really threatens the well-being of cryptocurrencies is the long term self-keeping. Again, returning to GOX and Silk Road 2, there are understandable doubts regarding the trust that one could put into big and respected services.

Nevertheless, the Bitcoin is still afloat and regaining its value.