Voorhees: “Bitcoin To Be Replaced If Scaling Resolution Not Found This Summer”
Bitcoin has always been seen as the king of the world of cryptocurrency due to its network effects and first-mover advantage, but ShapeShift CEO Erik Voorhees thinks bitcoin could be replaced as the top dog if a scaling resolution is not found this summer. Voorhees shared this point of view on the most recent episode of Epicenter with co-hosts Brian Fabian Crain and Sébastien Couture.
The debate over scaling Bitcoin has been the main topic of conversation in the ecosystem for the past two years, but it appears that the network will get the long-awaited Segregated Witness (SegWit) upgrade by August 1st.
During his appearance on Epicenter, Voorhees discussed his support for the SegWit2x proposal, his impression that many Bitcoin users aren’t paying attention to the scaling debate and whether Bitcoin needs an improved system of governance.
Is SegWit2x Bitcoin’s Short-Term Scaling Solution?
SegWit2x, which is supported by a large number of Bitcoin companies and miners, is a proposal for adding SegWit and a hard-forking increase to the block size limit to Bitcoin. Voorhees described himself as a “big proponent” of the proposal during his appearance on Epicenter, saying that it’s the “only viable, actual option to moving Bitcoin forward.”
“I want SegWit on Bitcoin as soon as possible,” said Voorhees. “I also want a hard fork to a larger base block size as soon as possible, and SegWit2x hopefully will make those things happen.”
Voorhees said that he is also bullish on the possible success of SegWit2x due to the declared support of the proposal from over 80 percent of the network hashrate.
According to Voorhees, the activation of SegWit2x will move Bitcoin out of a “trough of misery” that he believes the digital cash system has been in for the past two years, though he also believes the deployment of these changes has the potential to cause some volatility in the near term.
“This stagnation has been really horrible for Bitcoin,” said Voorhees.
In Voorhees’s view, the activation of SegWit2x on the Bitcoin network will lead to a rally in the bitcoin price that “will be unlike anything that people have ever seen before.” He also believes the activation of the scaling proposal will allow everyone in the ecosystem to refocus on building on top of Bitcoin rather than debating over the base protocol.
At one point during his Epicenter interview, Voorhees admitted that he almost doesn’t care which scaling proposal is activated on the network.
“I just want something to happen,” said Voorhees. “If this summer fails to find some kind of resolution to this debate, then I’m pretty bearish on bitcoin, and I think it’ll probably be replaced.”