Polychain Capital CEO: Bitcoin Is a 'Breakthrough Technology

Olaf Carlson-Wee, the founder and CEO of blockchain-focused hedge fund Polychain Capital, has said that bitcoin is a "breakthrough" technology, and perhaps bigger than the internet.

Speaking with Bloomberg's Emily Chang, Carlson said that opening up new cryptocurrency-based financial products that will allow a "massive wall of institutional money" to bet against bitcoin prices for the first time in an a "safe way."

The CEO, who has previously head of risk at cryptocurrency exchange Coinbase, said:

"I think that there is an increasing understanding that this is a massive breakthrough technology, perhaps larger than anything we have seen since the creation of internet itself."

Talking about recent skeptical comments from financial figures on bitcoin's amazing price gains, Carlson-Wee argued that those calling bitcoin a bubble often do not understand the technology, and that the tech "challenges established world views."

He continued to say that the crypto industry is growing beyond just bitcoin and that other blockchain technologies are developing faster the digital currency.

"I think going forward we can see ethereum and many new ecosystems ... develop faster than bitcoin," he said.