- Steve Pagliuca said that unlike the intrinsic value of blockchain technology that drives its global acceptance, it will be very difficult for Bitcoin to be accepted everywhere.
- The billionaire investor further bashed Dogecoin, calling it a prescription for disaster.
Recently, Oakland A’s, a major league baseball team announced it would be accepting Bitcoin for season passes, and the Dallas Mavericks also announced it would be accepting Dogecoin for tickets and merchandise. Despite the penetration of cryptos in the sports industry as a medium of exchange, Steve Pagliuca, the co-chairman of private equity firm Bain Capital and the co-owner of Boston Celtics believes that Bitcoin has a long way to go to establish itself as a viable currency.
Speaking to Emily Chang on Bloomberg Technology, he said that unlike the intrinsic value of blockchain technology that drives its global acceptance, it will be very difficult for Bitcoin to be accepted everywhere.
Nevertheless, Pagliuca picked Bitcoin ahead of gold in terms of its efficiency. In the interview, the Boston Celtics co-owner said that Bitcoin is far ahead as it can be transferred easily, can be a perfect store of value, and is easily divisible.
Over the years, Bitcoin has been criticized for being more of a speculative asset as its price is reportedly far above the fair intrinsic value. Pagliuca dismissed Bitcoin critics, urging them to equally subject gold to backlash as its price is also based on what people think it’s worth.
When people criticize Bitcoin, they should also criticize gold as the value is only in people’s minds.
For the hope that Bitcoin may be a global currency in the future, Pagliuca reminded the crypto community about what happened to gold when regulators saw it as a threat to the financial system. Regulators and policymakers made it illegal for Americans to own gold, and the same could be the fate for Bitcoin.
No good words for Dogecoin
Dogecoin has received a lot of love from Elon Musk and Mark Cuban, drawing a lot of new investors into the market. According to Pagliuca, the meme-based coin seems like “a prescription for disaster,” especially for the last person who bought it at the highest price before the value took a nosedive.
Obviously, it could be a lot of fun to buy a dollar or two of Dogecoin, but I certainly wouldn’t bet my savings on that.
Pagliuca is however bullish on non-fungible tokens (NFTs). He stated that NFTs democratize collecting and allow people to easily buy things they enjoy.