The co-founder of the American internet company which came about in the technological revolution in the 90’s has endorsed bitcoin.
Yahoo! was founded in 1995 in Stanford and quickly rose to success, going public just a year later. They then underwent a turbulent and troubled path to their eventual acquisition by Verizon.
Jerry Yang served as CEO of Yahoo! until 2009 and has gone off and pursued other aspects of life with his time.
He is back in the news because he has professed his regards for bitcoin. He believes that the virtual currencies are just at the beginning and will continue to grow and become stronger and more powerful over time. He believes that these virtual currencies will have a major impact on society and knows that there are still issues that need to be overcome at the present moment.
Jerry Yang recently attended a conference, the Fortune Global Forum in China, and he, as a veteran of the internet industry, talked about the growth that the internet experienced and the same growth that is being replicated with the block-chain industry. He talked about how there are many similarities between the two growth patterns. He spoke on price jumps and other aspects of the industry that has an uncanny resemblance to when he was opening up Yahoo!
He emphasized that bitcoin is more of a currency than a store of value. This aspect is what gives it its power and strength. He, of course, has noticed that there is much to be done to develop bitcoin further and commented to CNBC that “Bitcoin as a digital currency is not quite there yet.” He wants to see the day when bitcoin is being used to transact on regular basis, as opposed to just a store of value and an “inevitable asset”.
He did also note:
“I personally am a believer in where digital currency can play a role in our society. Especially in, not only the front end of doing transactions but also in the back-end of creating a much more efficient system and a much more verifiable system.”
Jerry Yang is joined by notable people like the co-founder of Apple, Steve Wozniak. Steve has said that bitcoin has tremendous value because it has more elements of authenticity than fiat currencies like the US dollar, and has much more significance than gold as a store of value.
But Jerry is seeing that there is much more interest in the profits that can be derived from investing and speculating in bitcoin, as opposed to rather the intended use of it becoming a currency that would be used as a medium of exchange and a transactional currency.
Jerry is not the only one who is saying this, Vinny Lingham, the founder and CEO of CivicKey has echoed similar sentiments through Twitter, saying:
“Just remember, the people buying Bitcoin today don’t love it for the technology, they love it for the promises of the riches it will bring. If those promises are ever broken, they’ll quickly move onto the next big thing… #humancondition.”