Steve Forbes: Cryptocurrencies Is A High-Tech Call For Help With Lame Implementation
CEO of Forbes Inc. Steve Forbes considers cryptocurrencies a “high-tech call for help.” He stated this in an interview with the Center for Natural and Artificial Intelligence.
Despite the recognition of the role of cryptocurrencies in the modern world, Forbes criticizes them for their implementation. So, he draws attention to the high volatility of bitcoin, due to which one day the cryptocurrency can “steak”, and the next – “dog food”.
Forbes argues that the cryptocurrency community makes the mistake of thinking that limiting emissions alone will help make an asset valuable. Effective monetary goods, he said, can be used in commercial activities, but do not aim to control the economy. Excessive scarcity of such an exchange commodity makes its use in commercial activities difficult, he added..
Forbes noted that cryptocurrency assets are indeed becoming widespread as a store of value in countries such as Venezuela and Syria, whose monetary systems are in crisis. This, however, makes them an attribute of failed economic policies rather than a monetary commodity..
In the long term, Forbes believes, cryptocurrencies should become much more accessible to the average consumer and get rid of their inherent volatility in order to become a common means of payment..
“Over time, someone will come to this, given the amount of brain activity concentrated in this area,” he said, naming Facebook and Amazon as possible contenders..
The Forbes editor-in-chief also warned that states, whose interests do not include changing the existing economic order, will oppose the massive spread of cryptocurrencies..
“You just need to take it and do it, and deal with the consequences only later,” he advised.
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