00:00One of the reasons Bitcoin recently have seen a pretty strong rise is due to the perhaps the
00:07fact that you know the US and China are currently going under through a trade war.
00:11Hello and welcome to another brand new episode of Gulf News Business Interview
00:16and today we're asking a moot question, will Bitcoin stage a blockbuster comeback?
00:21The FOMO investors are back in the market, FOMO meaning the fear of missing out and they are back
00:27in huge numbers. The market cap have risen tremendously to about 157 billion dollars
00:33from about 57 billion dollars seen in December 2018. Remember that peak was at about more than
00:41300 billion dollars when Bitcoin prices hit a record high of nearing 20,000 dollars per Bitcoin.
00:49Now the moot question is whether Bitcoin prices will see and stage a comeback that we saw in
00:56December of 2017 or will prices languish at these levels? We spoke to Jason King,
01:03the CEO of CGS as well as Managing Director of Alif Capital to get his perspective on the whole
01:10Bitcoin rally as well as what's his target. What's driving this Bitcoin rally? Why is it different
01:18from that seen in 2017 and is this a pump and a dump strategy used by a few investors?
01:25One of the reasons Bitcoin recently have seen a pretty strong rise is due to the perhaps the
01:33fact that you know the US and China are currently going under through a trade war which usually when
01:39these things happen it affects the economics of various countries and thus you know affects the
01:44economies throughout the world. During turbulent times Bitcoin have always proven to be a very
01:50strong safe haven. Another is just a natural price discovery of Bitcoin. So of course if you
01:57really understood what Bitcoin is you understand the importance of Bitcoin in our times. It is one
02:04of the most powerful inventions that the world have seen since computer science was invented
02:12and most importantly it brought about it introduced digital scarcity in a world we live
02:20in which is increasingly and exponentially heading into digitization and digital world.
02:26We moved on by asking him his price target on Bitcoin because last time when prices were at
02:32$20,000 in December of 2017 people made atrocious price targets of more than more than $200,000.
02:39History never repeats itself but it always shows resemblances so this kind of parabolic rise to a
02:46you know dramatic drop has occurred you know probably over eight to ten times in Bitcoin's
02:54history. In early days Bitcoin market is very immature it's a growing it's a new it's just
02:58recently been recognized as a new asset class so what we're really seeing is just the mainstream
03:05adoption of Bitcoin. Ultimately where I think we're going to see next over the next few years
03:10you're going to have you know sovereign wealth funds, you're going to have central banks,
03:14you're going to have you know nations begin buying up Bitcoins in a anticipation as the
03:20new gold reserve. I used to worry a lot about the Bitcoin price you know in the early days around
03:26you know in the early days when you're trading Bitcoin you're like oh the price went up like
03:30you know 30 bucks or you know when it's only like two dollars it's crazy and but over time
03:37the way I would I mean everyone gives predictions but the most important thing on the flip side to
03:41realize one Bitcoin has always equaled one Bitcoin that fact will never change. The true success of
03:47Bitcoin I think will be achieved when we no longer have to sell our Bitcoins. We also asked him about
03:52his view on other smaller cryptocurrencies such as Ethereum or Litecoin are they worth considering
03:58to be an investment option? Most of the alts are not desirable for investors and you will see
04:05continuous sell-off. They won't die but the continuous sell-off into Bitcoin because at
04:11the end of the day all of these alts doesn't matter what you have it's somehow always tied
04:16back to the beginning which is Bitcoin. Everything digital assets, crypto assets, blockchain, all
04:22these ICOs, IEOs, STOs they all trade against Bitcoin somehow. So at the end of the day when
04:28you sell off they're all going to push the value into Bitcoin. So you see the alts are not rising
04:34because we haven't really seen great projects that are coming out right now or projects that have
04:39been building for the last two three years ago quietly in the background and a lot of the new
04:44projects are coming up right now they're just trying to sort of capture the money because at
04:49the end of the day I think you know for myself a key differentiation between a good company and a
04:56bad company is if your business model is just to come and utilize crypto to raise money then I
05:03think you know you shouldn't be doing this because it doesn't matter if you're using crypto to raise
05:08money or going and ask you know money in a traditional sense if you don't have a good
05:12business model a good business plan it doesn't matter what technology you use it will not make
05:16your company better. He also gave us details on the exciting project that he's working on
05:21currently on tokenization and this is what he had to say. These proof of concepts under the
05:26current technology stack is not able to facilitate cross-communication you need a hybrid solution
05:31that can facilitate both private and public blockchains. If you look at all the blockchains
05:36right now that exist today they're think of them as single core CPUs whereas Elf what we have built
05:43is the first multi-core CPU with parallel processing. It was fascinating to discuss
05:48about the virtual world in the real world please leave your thoughts below and also don't forget
05:55to subscribe to our gulp news channel. That's it from us and thanks for watching and happy investing
06:01till then.
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