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A 5 year bet over Bitcoin finally has a winner


www.chepicap.com 04 February 2019 05:10, UTC
Reading time: ~2 m

In 2014 when Bitcoin was trading between $760 and $360, the podcast 'Planet Money' asked Bitcoin bull Ben Horowitz and Felix Salmon, a financial journalist, to face off against one another over a 5 year bet on the future of Bitcoin.

Ben Horowitz, Bitcoin bull and venture capitalist, had already invested millions of dollars in cryptocurrency companies in 2014, when he predicted that Bitcoin would revolutionize e-commerce payments.

However, Felix Salmon, a financial journalist who works now as the chief financial correspondent at Axios, was convinced that Bitcoin’s rising price would make people unlikely to use it to buy stuff, which would drive Bitcoin into extinction.

According to the Daily Hodl, the two faced off against eachother in a bet on the future of Bitcoin.

They agreed that they would meet again in 5 years to see if 10% of Americans or more would said that they had bought something with Bitcoin in the past month.

If that number would be higher than 10%, Horowitz would win. If the number was lower, Salmon would win.

Five years ago we set up a bet between @BHorowitz and @FelixSalmon over the future of bitcoin. https://t.co/8R3UMY7gJz pic.twitter.com/5Krw1IM9EA

— NPR's Planet Money (@planetmoney) February 1, 2019

Now 5 years later the bet over the future of Bitcoin is up.

The stakes are high. The winner takes home the bragging rights and a pair of alpaca socks.

The host of NPR’s podcast Planet Money commissioned a poll to gauge the public use of the world’s most popular crypto. This poll would eventually decide who was going to win the bet.

And the results are in.

Ipsos polled around 900 Americans who were asked the following question: 'Have you purchased anything using Bitcoin as your payment within the past month?'

Drumroll ... And the answer is ...

3% of Americans said 'Yes'.

So basically Felix was right. The thing he thought was gonna happen, happened. Bitcoin became so valuable, that people really didn't use it to buy anything.

Both Felix and Ben, agreed to commit to a new 5 year bet.

Bitcoin has not evolved to attract more users. Instead, the product itself became so valuable that the people who worked on it wanted to lock everything down.https://t.co/toowbC5TS3

— NPR's Planet Money (@planetmoney) February 2, 2019

Read more: Twitter CEO believes internet will have its native currency, possibly Bitcoin

Where do you see Bitcoin going in the next 5 years? Let us know in the comments below.

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