October 20, 2020

Bitcoin will become a “single world currency”, and fiat will disappear

Bitcoin will become a “single world currency”, and fiat will disappear

In a recent podcast by cryptocurrency expert Anthony Pompliano, ShapeShift founder Eric Voorhees talked about the prospects of 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 in early 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 beinvest your money in assets that are not depreciated, such as 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 went on to talk about Bitcoin as a “singleworld currency without borders ”, which can reduce 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 getting personalinformation 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 has also significantly impacted the business. ”- explained 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 allowedtranslate the word "finance" into 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 totalk 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. ”- said Voorhees.

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 andCoinbase has grown into 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.

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