Hutchins Says Crypto Success Hinges on Consumer Use Cases
(Bloomberg) -- Silver Lake co-founder Glenn Hutchins said more people will embrace cryptocurrencies when they see more real-world applications.
“What I think we have to do is show consumers use cases for this technology, then they’ll understand what it is,” Hutchins said Thursday at the Bloomberg Crypto Summit.
Hutchins noted, for example, how blockchain technology underpins NBA Top Shot digital trading cards, which he said is generating about $1 million a day in revenue for the National Basketball Association.
The primary purpose of Bitcoin isn’t to store but “to have a use case that makes it valuable,” he said.“The other way to think about this is a song or a movie is more valuable to the owner of the copyright, to the extent to which it’s played more.”
Silver Lake, which Hutchins founded in 1999 along with with Roger McNamee and David Roux, has about $75 billion of assets under management. The firm has been involved in some of the biggest technology deals, including the leveraged buyouts of Dell Technologies Inc., Skype Technologies SA and Seagate Technology Plc.
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