The bitcoin rift set for Tuesday could hurt efforts to increase adoption of the currency, and could also increase its volatility, some tech leaders said.
Bitcoin is set to undergo a possible upgrade on Tuesday that would see the digital currency split into two — the original bitcoin, as well as a completely new asset, Bitcoin Cash.
The move aims to improve the digital currency's network capacity and transaction efficiency. However, it could also hurt bitcoin's long-term prospects, according to Vinny Lingham, CEO of tech start-up Civic.
"My biggest concern with bitcoin being split at this point is just the brand dilution of bitcoin," Lingham said.
Bitcoin's brand has contributed to its relatively high stability as a cryptocurrency thus far, according to Lingham. "You always had the situation where you knew which bitcoin you wanted," he said.
"But having a fork at this point, you have two bitcoins."