As the crypto Matures money market, bitcoin could be pushed by competitors in the same way, the video-cassette tape format, Betamax lost out to rival VHS as a home entertainment technology was developed in the 1980s, according to a tech investor.
“Bitcoin could be Betamax,” North Island CEO Glenn Hutchins, CNBC’s “Squawk Box said,” on Wednesday.
Sony Betamax introduced in 1975. The product combats the JVC, the VHS format, which is the predominant device of the consumer for recording and watching movies and other videos around the world. The VHS would be the winner. Sony officially stopped shipments of Betamax in the year 2015.
Hutchins, who also said a Director of AT&T, it is likely that at least one of the digital currency ultimately prevails. In this case, the VHS, or winners, could alternatives a bitcoin-like XRP, ether or litecoin.
“The signs of the exchange in the heart of the mathematical solution, the result, the technology will be there,” said Hutchins, who is also part-owner of the Boston Celtics basketball team. “Different Token will be used for various applications.”
Instead of digital gold, he sees bitcoin as a more utilitarian metal.
“I think it is more like copper, to drive as an industrial metal, used, for a purpose, an outcome,” said Hutchins. “It is a token is used, as it is an industrial metal that is used for the wiring.”
As of Wednesday, bitcoin is still more than 36 percent of global market share among the crypto currencies, according to data from CoinMarketCap.com. Ethereum is the next largest, with 17 percent market share, followed by XRP, which consists of up to 7 percent.