Remember when bitcoin was going to disrupt the world’s banking system? That was two years ago and, while new payment platforms like Venmo and Apple Pay have gained traction, virtual currencies now feel more like a fad than a phenomenon.
At least that’s the view of Felix Salmon, a financial blogger and early bitcoin skeptic, who did his best to dump cold water on a room of alt-currency enthusiasts gathered Monday at a Bloomberg event titled “Bitcoin: Beyond the Currency” in New York City.
“This is pure Silicon Valley utopianism,” said Salmon, suggesting that bitcoin backers are blinded by “solutionism” and adding that investors who embrace the currency are no more rational than goldbugs.
Salmon also pointed out that, as a five-year-old technology, bitcoin has grown long in the tooth even as it fails to make inroads among ordinary consumers.
“I don’t think it’s going to zero [dollars], but it will always…
View original post 310 more words