Jimmy Nguyen discusses the utility of BSV on Fox Business

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By Jamie McKane Published: January 27, 2022
Jimmy in the Fox Business news

Bitcoin Association Founding President Jimmy Nguyen joined the Fox Business show, ‘Kennedy’ on January 27 at around 7:30pm to discuss the state of the digital asset market and the importance of utility to those who would invest in digital assets.

The conversation began with a discussion around the recent downturn in cryptocurrency token values and what this means for the future of digital asset investment and the adoption of blockchain technology. Nguyen told show host Lisa Kennedy that this most recent decline in cryptocurrency prices was not the end of the world but added that investors should place more value on digital assets that are used for more than only price speculation.

‘I still believe in Bitcoin and digital currency, but it all comes down to finding coins with utility. Bitcoin was made to be a more efficient digital payment and data system, and the reason the crypto markets are so up and down is that most crypto prices aren’t really based on utility – people do not really use the coins much in daily life,’ Nguyen said.

‘With our version of Bitcoin, BSV, we are trying to create a network that you use for daily efficient payments down to a penny or less and to do all kinds of things like play-to-earn games that will create long-term value.’

Nguyen referred to Bitcoin Core (BTC) as an example of a digital asset with a speculative and volatile price that is not used for any major payment activities or services.

On the topic of people being paid a salary in digital assets, Nguyen explained that this was up to each person to decide, depending on the investment risk they are willing to take on in this way. He also tied this into his central point regarding the importance of utility as a factor for digital asset investors.

‘If you are going to choose to accept compensation in some form of digital currency, pick a coin where there is long-term utility, otherwise you are subjecting yourself to the ups and downs of the market and you don’t have control over whether the market price crashes one day.’

‘The only thing you can bet on, like you would with any financial asset, is whether you think there is long-term value, and that is what we’re trying to build with BSV.’

Bitcoin Association is the Switzerland-based global industry organisation that works to advance business on the Bitcoin SV (BSV) blockchain. With the ability to scale unbounded and support huge volumes of transactions, in addition to its micropayment, smart contract, tokenization and data functionalities, Bitcoin SV is the only blockchain capable of serving as the world’s public data ledger for payments and enterprise data applications.

View the Fox Business interview with Bitcoin Association Founding President Jimmy Nguyen below: