Google executive says Bitcoin and other cryptocurrencies will exist for a long time

Sina Technology News, Beijing time, March 9 morning news, Google ( 662.3 , -0.72 , -0.11% ) creative director Jared Cohen said at the SXSW conference this week that digital cryptocurrencies similar to Bitcoin will exist for a long time. Cohen and Google Chairman Eric Schmidt promoted their co-authored book "The New Digital Age" at the conference.

Bitcoin prices have fluctuated wildly in the past few months. At the same time, the digital currency has gained strong support from the hacker community and is closely associated with certain black markets. Cohen believes that Bitcoin has value, but it will bring risks if it is not regulated.

Recently, Mt. Gox lost $400 million worth of Bitcoin, which has shaken the outside world's confidence in Bitcoin. Some critics even directly pointed out that "Bitcoin is dead." However, Cohen's statement this time is a strong support for Bitcoin and other cryptocurrency technologies.

Bitcoin exists only because both parties agree on its value, so anyone can design their own virtual currency. For example, the US technology blog Ars Technica announced this week that it would create its own cryptocurrency "arscoin".

Cohen believes that the main threat facing digital cryptocurrencies is how to keep them safely, and the Mt.Gox bitcoin loss incident has once again highlighted this issue. Recently, the U.S. Congress has also launched a debate on digital cryptocurrencies. Some congressmen believe that the regulation of Bitcoin should be strengthened to avoid risks. Another congressman, Jared Polis, believes that the U.S. dollar has similar flaws to Bitcoin, so if Bitcoin is banned, then U.S. dollar banknotes should also be banned.