Two of bitcoin’s most prominent advocates took to the stage Saturday to debate why the No. 1 digital currency has a bright future and is here to stay.

Pitted against two academics, the business tycoons — venture capitalist Tim Draper of Draper Associates and Patrick Byrne, CEO of Overstock.com OSTK, +4.59%  — looked, on paper at least, to be a sure thing in the never-ending bitcoin bubble debate.

However, it was anything but that, as Gillian Tett, U.S. managing editor at the Financial Times, and University of Chicago professor Eric Posner took down the two moguls in an audience vote, successfully arguing against the merits of bitcoin.

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