Rise conference Hong Kong 2018: leading crypto industry figures weigh in on the major implications of cryptocurrencies for – and beyond – the global economy. Leading crypto industry figures weighed in on the major implications of cryptocurrencies for – and beyond – the global economy, at the Rise conference in Hong Kong Wednesday, July 11.

The panel’s participants were the Ethereum Foundation’s co-founder Joseph Lubin, CEO of crypto merchant bank Galaxy Digital Mike Novgoratz, Crypto.com CEO Kris Marszalek, Tenx’s Julian Hosp, and Wall Street Journal columnist Jacky Wong. First tackling the popular question of whether crypto can replace fiat, Mike Novogratz argued against the idea, saying that neither Bitcoin (BTC) nor Ethereum (ETH) are positioned in the short-term to do so.

Both of them represent “system change,” he said, rather than a substitute for cash. Bitcoin is likely to remain a “store of value,” or “digital gold,” he suggested, with Ethereum serving as a form of “crypto-fuel” for decentralized ecosystems. Lubin agreed with this characterization, considering that Ether will be “just one of many crypto-commodities in an information ecosystem”: “We’re moving into a qualitative shift in the nature of money Read more from cointelegraph.com…

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