“I do think some digital currency will end up being the reserve currency of the world. I see a path where that’s going to happen,” Brian Armstrong, CEO of the Coinbase exchange for buying and selling digital currencies, said at the conference.
Coinbase said Thursday it suffered outages due to “unprecedented traffic and trading,” according to Reuters.
The week was a big one for bitcoin, especially in the financial center of New York. The Token Summit followed a two-and-a-half-day digital currency conference called Consensus, both held in Manhattan.
Bitcoin prices climbed all week and skyrocketed to all-time highs above $2,700 on Thursday, raising some concerns of euphoria, similar to 1999 prior to the dotcom bubble.
Wilson compared the state of blockchain innovation to the early- to mid-1990s, when the internet’s infrastructure was just being built. He pointed out that the only major consumer internet businesses at the time were Yahoo, eBay and Amazon.
That doesn’t give bitcoin the all clear. Rather, it’s more likely that the currency and blockchain are still in an early phase, before overspeculation and before widespread adoption.
“I think there’s a ways more we could go before the whole thing could come undone in a massive way,” Wilson said, noting investors also need to be wary of scams, fraudulent use and challenges in technological development.
That said, the longer-term view is more positive.
“By the end of this decade,” he said, “we should start to see native blockchain applications receiving massive adoption.”
Watch: Bit risks to bitcoin rally