One notable person from the cryptosphere who believes this is Lou Kerner, co-founder of CryptoOracle, accompany that provides advisory services and operates a venture fund focusing on decentralized technologies.
He believes that Bitcoin is currently offering something “much, much better” and will take gold’s place as the top store of value. He addressed the subject on a recent CNBC interview.
It may take as long as five years or more, but Kerner stated that he expects people who are using gold as a store of value to eventually switch to Bitcoin.
Bitcoin’s future is bright despite the price decline
Kerner sees the future of Bitcoin really bright despite the latest price decline.
The interviewer noted that Brian Kelly, crypto fund operator, and a CNBC contributor, recently said the “nervous money” could be exiting Bitcoin. He was referring to those who recently purchased the digital asset, but can’t handle the volatility.
Kelly, the founder of BKCM and a contributor to CNBC’s Fast Money, stated back in May that the adoption of crypto by big financial institutions such as the New York Stock Exchange and Goldman Sachs would trigger the crypto market to surge in the short- to mid-term.
When Bitcoin’s price went over $8,000 in late July, Kelly said the bull run would last for a long time, but unfortunately, he wasn’t right.
When Kerner was asked if he agrees with Kelly about this whole idea of the nervous money leaving the scene, he responded that volatility is something that we should expect in all news assets.
He addressed junk bonds from 40 years ago which were also really volatile back then.
“Forty years later, it’s the same as everything else,” Kerner said about junk bonds. “We think bitcoin is just going along that same structure.” He explained that any kind of new asset is volatile at the beginning.
“Nobody knows how to price it, and that’s exactly what we see with Bitcoin,” he said.