TransferWise CEO: Bitcoin is dead

It has been said many times in the past and will be said again in the future. Taavet Hinrikus, CEO of peer-to-peer international remittance service TransferWise, has said that Bitcoin is dead.

TransferWise is a well-known player in the financial technology field. The company was founded in 2010 and its money transfer service ranks among the top remittance services in the world. In the six years of the company's development, it has raised nearly $100 million in equity financing.

TransferWise CEO Taavet Hinrikus said in an interview with Yahoo Finance:

“I think we can say that Bitcoin is dead. It has lost its appeal, no one is using it. The Bitcoin experiment is over.”

The notion of cryptocurrencies being “failed experiments” is also echoed by former Bitcoin Core developer Mike Hearn.

As a well-funded remittance company in the financial technology space, it’s no surprise that TransferWise would investigate Bitcoin and blockchain innovation. Indeed, Hiinrikus said:

“We are really focused on Bitcoin and blockchain.”

TransferWise is only used as a platform for transferring various fiat currencies. Hinrikus believes that he has not found what problem cryptocurrencies solve, and he summed up cryptocurrencies as a gold rush.

“The reality is that what’s happening with Bitcoin is a gold rush. People are buying Bitcoin because they think it will be worth more tomorrow. And a lot of people are getting lucky. But we don’t see people actually using Bitcoin. We don’t know what problem it solves.”

He has a different view on the blockchain, the underlying technology of Bitcoin:

“I think blockchain is a huge technological advancement right now. But I’m not sure where it’s already being used.”

He also said that he was excited to see R3 and Digital Asset move into private blockchain technology, going on to say:

“I think there are a lot of areas where blockchain technology would be great, but it’s still early days.”

TransferWise is a competitor to Bitcoin in the remittance space. TransferWise’s peer-to-peer personal transfers take less time than banks and cost less, which are inherent properties of cryptocurrencies if they are used for transfers or settlements.

However, it is somewhat strange that a financial technology executive willing to invest in new technologies would have no confidence in the largest and most widely used cryptocurrency, Bitcoin. However, Hinrikus's views are consistent with those of JPMorgan Chase CEO Jamie Dimon , a well-known Bitcoin skeptic who has previously said that cryptocurrencies are ultimately just a "waste of time."

Dimon reiterated those views at the World Economic Forum in Davos earlier this year, when he said that Bitcoin would “stagnate” as a currency.

Taavet Hinrikus immediately attracted many comments after he made the statement that “Bitcoin is dead”:

webbywizard2 : Another guy who “failed investing in Bitcoin and calls Bitcoin a failure”

Newman Sibisi : “No one is using it (Bitcoin)” I don’t think that’s accurate.

Dojomi : Bitcoin may not have met this guy's ambitions, but the interest and investment in Bitcoin infrastructure to make it a mainstream currency is growing in importance. It will succeed until it's so easy to use that I don't have to spend an hour explaining it to my parents and they still don't understand it. But that time is coming. By then, petty competition and completely solvable technical challenges will be a thing of the past.

Valentino : We are currently being limited by the blockchain!! There are so many transactions that the network cannot handle. This guy is a moron!!

Jordan Kittle : Taavet Hinrikus needs to go back to school and take classes.

Dicey : He is right, Bitcoin is dead and has been dead for a long time, you just don't want your head to admit it. Bitcoin will not make you a millionaire. Bitcoin is over and has been dead for a long time. Why? Because it is just a scam for its creator to make money. Wake up, you are deceived!

Krzysztof Gibadlo : “No one uses Bitcoin” – more than 2 million transactions a day, and no one uses it? Bitcoin is not over, it has just begun.

Odojoe : Stupid guy! Just trying to promote his brand. Travelwise is a joke as it only works with a few currencies.

Original article: https://www.cryptocoinsnews.com/p2p-money-transfer-firm-ceo-bitcoin-dead/
Author: Samburaj Das
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/p2p-money-transfer-firm-ceo-bitcoin-dead)