“No one owns it, and no one uses it.” That’s how BlockTower Capital’s Ari Paul described bitcoin (and, really, cryptocurrency in general) multiple times during his keynote at PennBlockchain on Friday, the inaugural crypto conference by students at the University of Pennsylvania’s Wharton Business School.
While it might not sound like it, Paul emphasized bitcoin’s low adoption as a rallying cry. In fact, taken in total, the conference in West Philadelphia felt mainly like a day of recruiting pitches by crypto luminaries.
In saying that no one uses it, Paul was illustrating how, despite all the conversation and hype the technology has generated, in the grand scheme of things, the ecosystem is still very small. He compared it to the internet in 1995, when the number of websites online was only in the hundreds, but it was being prepped for an explosion in adoption.
Grayscale’s Michael Sonnenshine struck much the same chord during a panel, bemoaning the level of media attention in late 2017, contending that “the unfortunate result of all those touchpoints is that everybody thinks everybody who wants to be is already involved.” But in fact, throughout the day, presenters emphasized there’s lots of opportunity for all kinds of talented people to work in the cryptocurrency and blockchain ecosystem.
Yet, the day wasn’t without its notes of caution. Regulatory uncertainty, especially in the U.S. cast a shadow over nearly every conversation. Read more from coindesk.com…
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