June 22, 2021

Bitcoin Has a Long Way to Go Says Bain Capital’s Chairman

2 min read

Steve Pagliuca – Chairman of Bain Capital – opined that Bitcoin is hard to be seen as a viable currency yet. According to him, the stability of the primary cryptocurrency is not satisfactory and it has a long way to go to be accepted in lots of places.

Additionally, Pagliuca commented on arguably the hottest trend in the crypto space lately – Dogecoin – as he called it a ”prescription for a disaster.”

BTC Is Not a Viable Currency

Steve Pagliuca shared his thoughts on Bitcoin in a recent Bloomberg interview. Bain Capital’s Chairman outlined the potential of the digital asset but alarmed that it is hard to be seen as a viable currency at the moment and is far from receiving mass adoption.

”It’s hard for me to wrap my mind around bitcoin being a viable currency. Bitcoin is going to have to go a long way to go to be accepted in lots of places.”

However, Pagliuca made an interesting comparison between the primary cryptocurrency and gold. In his opinion, the digital asset is actually more efficient than the precious metal as it can be used as a value transferring instrument. Pagliuca opined that when people criticize BTC they should criticize gold too as the value of the yellow metal is based on what people think about it.

The Chairman of Bain Capital surmised that the blockchain technology is ”fantastic” but he also alerted that if BTC keeps its massive invasion eventually it can threaten the stability of the global financial system.

Steve Pagliuca. Source: Bloomberg
Steve Pagliuca. Source: Bloomberg

DOGE Could Be a Disaster

The crypto community and numerous outsiders have been focused on Dogecoin lately, resulting in a spectacular price surge for the meme token. As such, Pagliuca was also asked about it.

Despite the support and sympathy which Elon Musk and Mark Cuban have shown for the meme coin, Pagliuca shared a highly unfavorable opinion about it:

”Dogecoin seems like a prescription for a disaster. I am the last person who wants to call it valuable. It could be fun to buy DOGE but I wouldn’t bet my savings on it.”

Is Bitcoin Really Similar to Gold?

Steve Pagliuca is not the first prominent name to compare the primary cryptocurrency with the precious metal. The American entrepreneur and billionaire – Mark Cuban – opined on the topic, too.

During a recent interview, Cuban noted that the digital asset together with gold are ”financial religions.” However, he went further by saying that Bitcoin is the better option as it ”enables the transfer of value locally and globally.”

Featured Image Courtesy of PrivCap