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Robert Herjavec Of 'Shark Tank' Believes In Cryptocurrency But Won't Back It Just Yet

by Kiko Antonio / Feb 12, 2018 02:01 PM EST
Robert Herjavec (far right) with other hosts of Shark Tank

When Bitcoin was first released in 2009, no one would have thought that it will someday become the behemoth in the digital currency world. By the end 2017, Bitcoin saw a meteoric rise in popularity and value as it reached nearly $20,000 per coin. Unfortunately, it is not always smooth sailing for the digital currency as the start of 2018 brough it crashing down.

The start of 2018 has been quite unforgiving not only to Bitcoin but to other altcoins as well. This is perhaps the main reason why some of the biggest investors in the industry are still wary of the lure from cryptocurrency. In fact, even Shark Tank's Robert Herjavec is split between the pros and cons of cryptocurrency.

"To me, it is the wave of the future. Fast forward to 25 years from now, there will be some form of cryptocurrency that we will pay for electronically, and the concept of cash will go away one day," Herjavec said in an interview with Money recently.

(Photo : Max Pixel)

On the other hand, he also said that there is no base for cryptocurrency at the moment. He believes that the market is too volatile that investing in it is a huge risk. He also said that recent security breaches from various cryptocurrency enchanges make it even more dangerous. Furthermore, he also feels that due to its untraceability, cryptocurrency is the choice of currency for hackers and his conscience does not sit well in that regards. Nevertheless, Herjavec still credits the blockchain as "the driving force behind cryptocurrency."

While Herjavec is still a bit hesistant about Bitcoin and other cryptocurrencies, some investors view it the other way around. Business tycoons like Warren Buffet and Herjavec's co-investor in Shark Tank, Mark Cuban, has begun investing in Bitcoin as reported by CNBC last January. Mark Cuban's NBA team, the Dallas Mavericks, planned to start accepting Bitcoins or cryptocurrencies as payments as early as next season.

Whether or not Bitcoin or other cryptocurrencies become the money of the future, it is still too soon to tell. Right now, these digital currencies are trying to stay afloat. Over the last two months, Bitcoin has lost more than 50 per cent of its value and recovery is still far from reach.

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