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Steve Forbes says Bitcoin is a “high-tech call for help”.

June 14, 2020

In an interview with the Natural and Artificial Intelligence Center, the President of Forbes Inc., Steve Forbes talked about cryptocurrency and the future of money.

Forbes described the Cryptocurrencies as a “high-tech call for help”“born out of” the instability of the money printed by the government today. “

Crypts are too volatile to be considered a currency

Forbes criticized and described the volatility of crypto assets Bitcoin (BTC) as “Steak” one day and “dog food” the next.

Steve Forbes says Bitcoin is a “high-tech call for help”.Steve Forbes says Bitcoin is a “high-tech call for help”.

Unlike many proponents of cryptocurrency, Forbes pointed to a strict Bitcoin supply limitand claim that many members of the virtual currency community “made the mistake of believing that restricting supply would add value.”

The media magnate stated that effective money products “facilitate trade” rather than “control the economy”and concludes that too few forms of money “become a barrier to trade”.

Forbes emphasizes that crypto assets in countries like Venezuela and Syria, which are faced with currency crises, have been largely adopted as a store of value the attractiveness of cryptocurrency as a symptom of a failed economic policy and not on the virtues of Bitcoin as money.

Crypts do not receive regulatory approval

Looking to the future, Forbes notes that “Cryptocurrencies have to be extremely simple and smooth“and less volatile so that they are widely used as a means of payment.

“If you think about it so much, someday someone will succeed,” he adds, referring to cases like that Facebook’s Libra project and even Amazon as potential candidates for leading the hypothetical revolution of cryptocurrency.

Forbes also stressed that cryptocurrencies will not emerge without a political struggle, and stated that lCryptos “don’t get state permission” to disrupt economic orthodoxy.

“You just have to do it and then deal with the consequences,” he added.

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