Vinny Lingham believes that Bitcoin price can only be used as an investment asset if it breaks through $1,300

Golden Finance News - Bitcoin entrepreneur Vinny Lingham has always been outspoken about his views on some things. He said that he has always used Bitcoin as a speculative tool rather than an investment asset. The Bitcoin community is currently stuck in a deadlock over the fork dispute, which is not good for everyone in the circle.

Bitcoin entrepreneur Vinny Lingham has always been outspoken about his views on some things. Image source: Golden Finance

Not an investment asset yet

Lingham is the co-founder of Gyft and Silicon Cape, and the CEO of CivicKey. Although he is opposed to the hard fork plan, he defines Bitcoin as a speculative tool in this chaotic time. Why? He said that the Bitcoin expansion dispute continues and the prospects are worrying.

Lingham believes that there are too many differences in Bitcoin expansion and the future path is unclear. Image source: Golden Finance

“Because there is so much disagreement on Bitcoin’s scaling and the future path of Bitcoin is unclear, it can only be used as a speculative asset,” Lingham told Cointelegraph.

Many Internet entrepreneurs and venture capitalists in South Africa believe that only when the price of Bitcoin breaks through the $1,300 mark and stabilizes at this figure can we regard Bitcoin as an investment asset. Will this happen soon? Lingham doesn't think so.

Segregated Witness Adoption

Lingham believes that in order to transform Bitcoin into an investment asset, a soft fork must first take place.

Lingham believes that Bitcoin is speculative. Image source: Golden Finance

“In order for the Bitcoin price to stabilize above $1,300, we need to activate Bitcoin SegWit,” he explained.

Lingham commented on the consequences of not activating SegWit:

“In fact, I’m not sure about this outcome. This is just my feeling, and uncertainty is why I think Bitcoin is speculative. Obviously, the future path of Bitcoin is not clear.”

Bitcoin price recovery

Last month, the Bitcoin market experienced a painful drop in the price of Bitcoin. From the beginning of 2017 until last month, the price of Bitcoin had been very positive and had made considerable gains. In March, the price of Bitcoin fell to $920. Many experts, including Lingham, began to advise the community against holding too many Bitcoins.

The Bitcoin market experienced a painful price drop last month. Image source: Golden Finance

One encouraging piece of news is that over the past two weeks, this cryptocurrency, which has been stuck in a scaling deadlock, has once again shown a favorable trend, with its price rising to $1,200.

Altcoin holders exchange for Bitcoin

When asked if he was surprised by the recovery in Bitcoin prices, Lingham said:

“Surprised, not surprised. Many altcoin holders are starting to trade their coins for Bitcoin, and Ethereum is the opposite. This is a problem. When Ethereum goes up, Bitcoin goes down, and vice versa.”

The expansion controversy continues to ferment and its momentum continues. What’s worse is that there is no solution available now. Whether Bitcoin Segregated Witness will win or BU will split the Bitcoin community, we have no idea and can’t see the way forward.