In a recent podcast by cryptocurrency expert Anthony Pompliano, ShapeShift founder Eric Voorhees talked about the prospects for fiat currencies, the regulation of the crypto industry, security standards (KYC) and that Bitcoin (BTC) is gradually gaining the upper hand over the existing financial system.
Voorhees founded his company at the beginning of 2014 – according to him, “in order to convert bitcoins to other coins as easily as possible”. The company, originally created as a tool, has grown, and now 75 people work in it, Voorhees said.
The future of fiat currencies
Eric Voorhees believes that in about 20 years, fiat currencies will almost disappear, because in the coming years, Bitcoin will become the preferred tool for saving value.
According to Voorhees, in the future people will invest their money in such “non-depreciable” assets like Bitcoin. The dollar and other currencies are depreciating "for granted," Voorhees said.
Voorhees also believes that the onset of the crypto industry could force governments to stop inflating their currencies.
Voorhees then spoke of Bitcoin as a “single world currency without borders,” capable of reducing the need for various local currencies. According to him, Bitcoin will take over the global financial system, becoming a powerful alternative to fiat money and banks.
The fight against KYC
Voorhees said receiving companies' personal information about customers puts them at risk because data is transmitted over the Internet.
“I am categorically against receiving personal information from people. We do this not because we want, but because we are forced. It was a huge fight – both for the company and for me personally. It also had a significant impact on the business , ”said Voorhees.
KYC (Know Your Customer) procedures have been introduced so that governments can spy on citizens, Voorhees said. They are turning companies into part of their “supervisory apparatus,” he says.
Bitcoin and Libra in the spotlight
Eric Voorhees noted that bitcoin allowed the word "finance" to be transferred to people's everyday conversations. In addition, thanks to the crypto industry and the Libra project , economists and politicians are now increasingly forced to use the phrase “fiat money”.
“Politicians and economists now have to talk about the attributes of money. They are concerned that Facebook is pushing for a currency that could compete with the dollar and damage monetary policy , ”Voorhees said.
As the next recession sets in, economists and politicians will make villains out of Bitcoin and Libra, as they are interested in perpetuating the fiat banking system, he explained.
Voorhees noted that cryptocurrency exchanges Binance and Coinbase have become the most important companies that involve people from all over the world in the crypto industry. Also, in his opinion, people in the US have become more tolerant of bitcoin, although they used to be scared of him before.
Publication date 10/01/2019
Share this material on social networks and leave your opinion in the comments below.
