Former US Secretary of a Treasury Larry Summers took partial in a fireside chat at Consensus 2016 today, in that he spoke in abyss about rising financial technologies such as blockchain and bitcoin and the impact such inventions could have both alone and together.
Moderated by Alan Murray of Fortune Magazine, a session found Summers bringing a discourse of a bitcoin and blockchain worlds closer together, as he framed a ideas reduction as competitors, though probable outcomes of a incomparable change in mercantile processes enabled by technology.
Summers projected that there would expected be 3 outcomes from this evolution: That blockchains will co-exist with normal fiat currencies; that blockchains will be enabled by bitcoin; that blockchains will eventually correlate with digital currencies, though not bitcoin.
While Summers stays big about a probability that a digital item could offer as a tellurian banking or store of value, he predicts that a underlying record is expected to be some-more impactful.
Summers told a audience:
“Is a blockchain record going to be fundamental? we consider a answer is overwhelmingly expected to be yes. Is bitcoin going to be a profitable store of value, a same approach as people use gold?