Sean Walsh took to the stage at London’s World Blockchain Forum to give a super-bullish take on the history and future of Bitcoin.
Kicking off events in the main hall today, Sean Walsh – CEO of HyperBlock, one of North America’s largest crypto mining concerns, and a founder of the Redwood City Ventures investment fund – addressed the question of whether Bitcoin is a bursting bubble.
It was a fascinating 12,000-year-spanning take on the history of finance, that began with him attempting to buy an audience member’s watch with shells, and went on to explain how his faith in Bitcoin is backed-up by neck tattoos. More specifically, Walsh made the point that the kind of belief that leads people have Bitcoin’s logo tattooed on their bodies, is the kind of faith that any transfer of value has required for as long has the concept has existed.
“What better indication of faith?” he asked the audience, before pointing out that Bitcoin was not the first currency to illicit such devotion – and showing off several images of dollar tattoos, and relating historical anecdotes regarding similar acts of devotion.
Bitcoin, Walsh asserts, is experiencing an “explosive convergence of technical trends, economic trends and social trends” that are “coalescing to create this unique asset class, this unique store of value, this unique means of exchange that facilitates transactions that were previously impossible to execute.”
Bitcoin, he added, is not trying overthrow the traditional banking system as much as it is ‘building out’ from existing systems and “increasing the pie” of potential financial transactions.
“We can do things that we couldn’t do with money before, we can capture human energies that we weren’t able to capture before and it’s going to benefit all of us.”
His overriding point, though, was that Bitcoin looks like a Bubble across short-term timeframes, but “ if you dig into the data of the last nine years of Bitcoin… is absolutely an anti-bubble over longer time horizons.”
“When else in the history of bubbles, has at the same asset class inflated over and over and over again?”
“Something like 10,000% in 2010, and then in early 2013 we went up a couple of thousand percent and then it deflated. Then again in late 2013 and then again last year – it just keeps happening. It’s the rule, not the exception.”
“I want people to use this information. It’s the story that needs to be told,” he concluded. “This is objective data, and a lot the mainstream media is a little biased. They’re just not digging deeply enough into the actual facts that are determining the facts of what’s going on.”
World Blockchain Forum continues in London today.