There was a good caliber of speakers on the first day of Inside Bitcoins conference in Hong Kong. The fact that the bitcoin price is hanging around $236, which is far from its peak north of $1000, unavoidably generates some somber views at these conferences.
That was not the case for bitcoin evangelist and angel investor, Roger Ver. He still sees bitcoin as the greatest currency ever developed. For him it meets his definition for “good money” – namely that it is hard to counterfeit, scarce, divisible, homeogenous, durable, easy to transport, and easy to store.
He trumpets that “Bitcoins truly are easier to use than fiat currency.”
One of his favorite sayings is this:
For the first time in the history of the world, anyone can now send or receive any amount of money with anyone else, anywhere, instantly, basically for free, and it is impossible for anyone, including governments, to stop them.
I know this because I have heard him say it before. He started his presentation with it.
Despite evident moves by various national governments to regulate or restrict bitcoin, Ver does not appear concerned.
No amount of regulations or words written on piece of paper can stop bitcoin.
At the end of the day no amount of violence can solve a math problem … and no amount of violence can stop bitcoin.
Ver is also confident that the price of bitcoin will return to higher levels.
The growth in transactions is going up. The bitcoin price will have to accommodate the growing demand.
In terms of bitcoin’s valuation, Ver thinks that one should look at e-commerce, gambling and international remittances, which are all industries that generate tens to hundreds of billions of dollars in annual revenue. For example, if the market cap for bitcoin was $300 billion like international remittances, each bitcoin would be worth $42,000.
Ver believes that in 2015 the bitcoin ecosystem could have well over a billion dollars in venture capital invested in it.