Bitcoin as a digital currency is not quite there yet – Jerry Yang
Yahoo co-founder Jerry Yang ,who now heads AME Cloud Ventures believes digital currencies will play a significant role in the future of the society as opposed by some financial analysts.
According to Yang “… There is high volatility probably similar to that of the early days Internet.”
In an interview with CNBC on Thursday Yang said “Bitcoin as a digital currency is not quite there yet, people are not using it to transact, people are using it as an investment asset …” His statement now reveals that bitcoin is becoming a strong force to recon with anytime soon.
Personally, I am a believer in how digital currency can play a role in our society especially in, not only the front end of doing transactions but also in the back-end of creating a much more efficient system and a much more verifiable system. But for now, it seems like it’s more driven by the hype of investing sought of getting a return rather than using it as a transaction currency.
However some quarters believe it is safer to trade gold than trade bitcoin while many believe there are strong forces fighting against the use of digital currencies.