- Bitcoin will one day overtake fiat currencies says billionaire Kaspersky founder
- Kaspersky believes blockchain technology is a great invention
- ShapeShift CEO Voorhes differs on Bitcoin adoption
Russian Billionaire Eugene Kaspersky thinks that Bitcoin is a brilliant idea but that it is way ahead of its time and the world isn’t yet ready for cryptocurrencies. According to him, crypto will one day overtake fiat currency, but it will take a while.
The CEO of the Russian cybersecurity firm Kaspersky made those remarks while being interviewed by the Arabian Business publication, where he vehemently denied accusations that the Moscow-based cybersecurity company was developing spyware for the Russian intelligence.
Adoption won’t peak for a century
According to Kaspersky, cryptocurrencies are well placed to surpass fiat currencies ultimately but that’s in the future. However, he believes that only a global event such as a new world order, where the entire world will be ruled by one government instead of the many nation states that exist today will actualize that possibility. Kaspersky also believes that we need at least one century before we can see complete adoption of cryptocurrencies and that Bitcoin may not completely replace the current financial system. He explained:
“Cryptocurrencies are a great idea, but the world is not ready for them yet. The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them.”
With that said, Kaspersky has lauded blockchain technology, which he believes needs a little tweaking before it is ready to underpin the world economy. Kaspersky could have been referring to Bitcoin’s relatively slow transaction speed but may have forgotten about the Bitcoin Lightning Network and its scaling solutions. He stated:
“In the future, the currencies will be digital rather than paper. Today’s digital currencies, such as Bitcoin, cannot replace the current financial system […] but some of the ideas and techniques on which these currencies are based can be used in the future currency with little modification, leveraging blockchain technology.”
The future may come sooner than he thinks
Many other renowned persons beg to differ with Kaspersky’s ideas. One of them is ShapeShift CEO Erik Voorhes who believes that cryptocurrencies’ rise to global dominance is an idea whose time has come and which no one can stop. Voorhes believes the digital asset class has posed an existential threat to the centralized monetary systems. In November 2018 he said:
“I’ve felt like it has always had a significant potential to take over the world… and I still do. I still think that it is going to replace government fiat over time, especially as people continue to figure out that there is an alternative to that scam.”