Blockchain technology and bitcoin received centre stage at the ongoing World Economic Forum in Davos during special sessions dedicated to the subject, leading to widespread polarization of opinions over the use of these cryptocurrencies.
While Stephen Poloz, governor of the Bank of Canada, equated Bitcoins to speculative gambing, Nobel Prize-winning economist Robert Shiller said such cryptocurrencies could last for a hundred years more but they will eventually collapse and fail.
International Monetary Fund chief Christine Lagarde addressed the problems of anonymity and lack of transparency during the debate on bitcoins, blaming them for the potential they hold in being misused for terrorism, trafficking and other illicit trades.
There were also some voices that did not support Bitcoins wholeheartedly but saw immense potential in the use of blockchain technology for other purposes. But even supporters of blockchain expressed the need to regulate its use in the open market.
Ever since their invention, cryptocurrencies like Bitcoin have taken the world by storm with their rapid rise in value. Although prices of Bitcoin have also crashed in recent times, people all over the world still seem intrigued by it and see it as a very profitable investment option.