Forbes Chairman Speaks About the Future of Cryptocurrency

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Chairman of Forbes Media, Steve Forbes believes the currency helps stabilize the government-controlled monetary framework.
  • The Chairman defined crypto-assets as “a high-tech cry for help”.
  • Speaking about the future of cryptocurrencies, Forbes notified that the cryptocurrencies need to be extremely easy and frictionless in terms of utilization.

The Chairman of Forbes Media, Steve Forbes believes the cryptocurrency helps stabilize the government-controlled monetary framework and requests the technological development to proceed on the Bitcoin blockchain.

Cryptocurrencies need to be easy and frictionless

However, Forbes opined on the future of currencies, cryptocurrency, and digitalization of finance in an interview organized by the U.S. Center for Natural and Artificial Intelligence.

The Chairman defined crypto-assets as “a high-tech cry for help”.  That has emerged from the volatility of government-backed money today.  Speaking about the future of cryptocurrencies, Forbes notified that cryptocurrencies need to be extremely easy. Also, frictionless in terms of utilization.

Besides this, talking about the volatility of cryptocurrency, Forbes criticized it by referring to Bitcoin as “steak” one day and “dog food” the next day. Aiming at the hard cap on Bitcoin supply, Forbes pointed out that many in the crypto community think that if they restrict supply it will create value, but that is incorrect.

Cryptocurrencies will never receive government’s permission

Moreover, when the media magnet was asked about the popularity of Bitcoin in Venezuela, Lebanon, and Syria, he alleged this to the entire failed economic structure not the monetary benefits of the Bitcoin. These three countries have adopted Bitcoin since last year. It is also seen that Bitcoin and Ether are on high demand and are sold at a profit. Several retailers in Venezuela are accepting Bitcoin payment every day.

Furthermore, Forbes stressed that without going through a political struggle cryptocurrencies would not see widespread adoption.  He underlined that cryptocurrencies will never receive permission from the government to operate in a broad spectrum.

Meanwhile, Forbes said that the native currency of Facebook, Libra, or a fictional Amazon coin could lead to the cryptocurrency ecosystem. Those are working on and available “brainpower” for the development of digital currencies and related frameworks.

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