On 18th September, the CEO of Bitcoindotcom, Roger Ver spoke about the growth and adoption of Bitcoin Cash [BCH] in South Korea, during an interview with South Korea’s SBS CNBC. He also spoke about the intrinsic value of Bitcoin [BTC].
They spoke about the global concerns surrounding the cryptocurrency market as evidenced by the recent statement made by Jerome Powell, the Federal Reserve Board Chairman. Roger stated that cryptocurrencies do not have any intrinsic value.
“I heard him say that. And the fact that he would say something like that just shows that he hasn’t studied the concept at all. There is absolutely no such thing as intrinsic value. Gold has no intrinsic value either. The value is in the mind of the being beholding it.”
According to Roger Ver, if there were no humans on the earth to look at gold and value and like it, gold would have no value. He added that the same concept applies to Bitcoin, if there weren’t any human beings to appreciate Bitcoin [BTC], then it would have no value.
The Bitcoin Cash proponent said that this is a fundamental tenet of the Austrian School of Economics. He further stated that most people working at the Federal Reserve don’t understand this key concept which is why they are accustomed to saying “such foolish things”.
Roger said that there is a lot of “excitement” about Bitcoin Cash in the Korean market at present. According to him, many platforms are being built on Bitcoin Cash and several businesses are integrating it as well. Roger Ver said:
“We’ve had multiple meetings yesterday, we have more today with different businesses here in Korea who are busy integrating Bitcoin Cash because it’s the most usable, widespread and easy to develop cryptocurrency around. So it’s getting a lot of traction here in Korea and the world at large.”