A range of use cases for digital assets, illustrated by NFT tokens, is boosting their value in themselves. This was stated by Glenn Hutchins, head of New York-based venture firm North Island Ventures, in a CNBC comment.
«The right #cryptocurrencies are more like copper or platinum than gold because they have use cases and they rise and fall not just as a store of value but as their in use,» says North Island’s Glenn Hutchins, who first bought #bitcoin at ~$100 in 2016. pic.twitter.com/1Et8uGDfGI
— Squawk Box (@SquawkCNBC) March 9, 2021
To illustrate his point, he spoke about collectible cards in the NBA Top Shot game, which users can trade online. The uniqueness and accessibility of each token increase its value.
In Hutchins’s view, the migration of real-world items into digital form is part of a broader macroeconomic trend.
«The right cryptocurrencies are more like copper or platinum than gold, because they have use cases. They rise and fall not only as a store of value but also in the value of their use,» he noted.
Earlier, Hutchins, who previously opposed the notion that cryptocurrencies are convenient for crime, bought Bitcoin in 2016 for about $100.
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