The future of cryptocurrency, a form of digital money protected and transported by the internet, is heaped with promise, but also is fraught with peril said a panel of San Diego-based experts at a forum on March 28 hosted by Sage Executive Group.
The word Bitcoin has been added to the financial lexicon in just a few years, and the panel discussed the immense investment opportunities in a wildly fluctuating marketplace for digital currency. The attention centers on a “global currency not centralized to any one nation,” said, Christopher Moussa, Managing partner of Crypto Capital Investments, a cryptocurrency hedge fund.
The backbone of this evolving internet network was made possible by the creation of “block chains,” sort of like sentry posts along the route of financial exchanges that are a “cheap and efficient way to show ownership of digital assets,” said Charlie Plummer, Vice President of Fintech Initiatives for Silvergate Bank.
Unpredictability and risk come along with the technological change. “I don’t believe Bitcoin will be able to innovate into a space where it becomes stable,” said Stephan Goss, CEO of Zeeto, a targeted ad network for monetizing data. He currently is working to develop a cryptocurrency backed by gold.
Eric Barlow, CEO and Managing Partner of Andina Family Offices, helps guide multi-million-dollar investments for families with major wealth,. He advises his clients to be mindful of the opportunity and aware of the risk. “Things have to return to fundamentals,” he cautioned, while noting that he already has recouped his investment and more in Ripple, a cryptocurrency designed for banks and global money transfers.
What was clear in the presentation to more than 50 high-powered San Diego business executives is that real money is being invested. When Jerry Rollins, the forum moderator and CEO of Sage Executive Group, asked how many people in the room had put money into cryptocurrencies like Bitcoin, more than half raised their hands.
San Diego-based Sage Executive Group is a fast-growing membership network and advisory group for business leaders. What sets SAGE apart in working with the region’s top executives is a philosophy that emphasizes values, encourages business leaders to put people before profits, and advises how to effectively strategize and implement successful business plans.