With Bitcoin falling to its lowest price this year, one local cryptocurrency advocate says he’s confident the price will bounce back.
Justin Capoccia has been following the cryptocurrency world for quite some time now.
“Kinda started way back, I would say probably around late 2009-2010. It was a currency that I thought was essentially play money at the time,” Capoccia said.
He says after much research a few years later, he strongly believes that this medium of exchange is the way the world is going. Everything is being done electronically, which is why he says he created the Global Exchange Medium (GEM).
“Bitcoin is, and other alternative currencies, are much more secure to transfer and a lot more secure than credit cards.”
Financial Advisor Hugh Johnson says while the world is moving to a more electronic medium, he doesn’t think cryptocurrency will be in its future.
“I think there are a lot of shortcomings of so-called cryptocurrencies, which in my judgment prevent them effectively from being becoming a currency,” Johnson said. “First of all, it’s difficult for cryptocurrencies to be listed and traded.”
“Our coin is economically driven. We use certain implementation of proof of stake that helps it fluctuate with the market correctly, and it’s also a variable proof of stake so we can fluctuate its growth by the people that hold it,” Capoccia said.
He says he hopes to one day have “gem” circulating globally, maybe even exchange them for actual dollar bills.
“The odds of that happening, of it being accepted as a legal tender are, in my judgment, extraordinarily remote,” Johnson said.
Johnson says he doesn’t believe this cryptocurrency or others are long lasting, Capoccia still has faith in this growing means of exchange.