Is Bitcoin failing as a new currency? It’s never said outright, but it is implied, inferred, or subject to innuendo. The rhetoric is coming from many of it’s earliest and most ardent supporters in the corporate world, but are they right? Are they just being impatient that it is not growing fast enough for the demands of their stockholders? Are they mismanaging their business plan, being dependent upon Bitcoin’s US dollar value? Do they have a point? Is Bitcoin itself the problem? Is Bitcoin failing, or are we failing Bitcoin?
First, let’s review the rhetoric, which has gained momentum over the second half of 2015. Uphold’s CEO, after the company rebranded from BitReserve, was dismissive on Bitcoin’s future as a currency to Business Insider. “I don’t think bitcoin is going to be anywhere near as important as people say it is today. That’s a personal view,” he said.
BitPay’s CEO Stephen Pair said at MoneyConf in June, “We keep adding merchants, we’re up to over 60,000 now, but they’re selling to the same pool of Bitcoin early adopters.” Recently, Taavet Hinrikus, the CEO of UK-based new peer-to-peer payments provider TransferWise, had some harsh words for Bitcoin