With the emergence of Bitcoin, its enthusiasts understood perfectly that it was built to be a computerized option to the existing monetary system.
While all these have been taken into consideration over time, some people believe that it cannot displace the regular fiat system. However, others claim it was actually built to displace regular financial institutions like banks.
According to the interview granted by the brain behind Kaspersky Lab; Eugene Kaspersky, Cryptocurrencies are a wonderful concept, but the world is not ready for this technology.
He went on to say that the world can only be accepting of this technology if we are all United. This is because government agencies may likely want to control Cryptocurrencies for ulterior reasons.
Judging from his interview, in about a hundred years, every government in the world would come together in one body to lead a centralized and ubiquitous currency.
And, he hinted that this could be the computerized assets and not the regular banknotes.
Some Disagreements About The Issue
Some people around the Cryptocurrency community do not agree with Kaspersky’s interview. They are of the belief that Bitcoin is positioned to displace the reigning monetary system.
According to Erik Voorhees; CEO of Shape Shift, cryptocurrency’s surge to universal dominance is inevitable. He claims that Cryptocurrency assets pose a threat that is already in existence to displace centralized networks.
He elaborated his points to say that he still feels Cryptocurrencies will replace the fiat currencies with time.
For John McAfee, he has always made his stance known about his doubts for fiat currencies, especially the United States Dollar. He claims that in five years, fiat currencies will be on their last legs.
Meanwhile, Tim Draper; Silicon Valley’s venture capitalist also shares the same belief. He went on to explain in an interview that in the coming years, fiat currencies will be utilized by criminals alone.
This is due to the fact that the whole world would have moved on to Cryptocurrencies instead.
Also, Elon Musk, CEO of the prominent Tesla, Space X, Open AI, the Boring company, and so many other Silicon Valley companies, shared his thoughts about the ongoing issue with ARK Invest’s FYI podcast.
However, he did not call the fiat currencies a scam, and he didn’t mention anything similar to it being a scam.
According to him, Cryptocurrencies provide the best ways to transfer worth than mere pieces of paper.
To Wrap It Up
For Kaspersky, Cryptocurrencies of today such as Bitcoin does not have the capability to displace the full monetary system.
For him, blockchain technology would need little refurbishing to make it the ideal host for a universal economy. However, the system of today is still too immature to displace wall Street and co.
Moreover, it is evident that Kaspersky’s facts are based on bitcoin’s transactional throughout that is finite. However, he forgot about bitcoin’s pro scaling solutions and also the lightning network.