The oracles speak
Cryptocurrencies started life as an obscure internet phenomenon that nobody really thought would ever catch on. They were complicated, shrouded in mystery and only a handful of nerds actually knew how to use them. Fast forward a few years to the boom of 2017/2018 and that had all changed. Talk of Bitcoin was everywhere as prices rose by over a 1000% in a matter of months. And though its value (along with that of the other big coins) has come down significantly since then, it served as a kind of watershed moment. It was no longer just about price speculation – people actually started to believe in blockchain and accept it as the future of money. And with big corporations, governments and central banks all looking to integrate crypto into their day-to-day operations, it’s safe to say that digital currencies are now well on their way to becoming mainstream.
As with any zeitgeist, everyone seems to have an opinion on crypto one way or another. This naturally includes celebrities and other prominent people too. And for better or for worse, the internet revolution means that all of these can be dug up in seconds by anyone with a cursory knowledge of Google… which today is just about everybody. So, with that in mind, here are a few choice quotes from a selection of famous people on the future of Bitcoin and digital currencies at large. Enjoy!
It’s the economy, stupid!
Our first quote is from none other than Nobel Prize-winning economist Milton Friedman, and it is particularly interesting since it is one of the only statements about digital currencies made before any were actually created:
‘I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.’
I think you will agree that Professor Friedman really showed his intuitive genius with this insight, given in his 1999 interview with NTU/F. With Oracle-at-Delphi-like predictive skills such as these, it’s clear why he is widely accepted as the best economic mind of a generation.
In at number two, we have a man whose name is synonymous with business acumen and knowledge. Of course, we’re talking about Microsoft founder and the world’s former richest man Bill Gates. Granted, he didn’t quite have the same foresight as Friedman – but to be fair to Bill – he was slightly busy building and managing the world’s biggest tech company. So, what did he say?
‘Bitcoin is a technological tour de force.’
Short, sweet and to the point as ever. While Bill is talking about a specific currency rather than crypto in general, his words can now be taken to encompass the wide range of blockchain-based architectures that have sprung up since he made the statement back in 2013. However, it should be noted that he did advise against investing in the coin once prices reached the dizzy heights of late 2017, and has since spoken out about the flagship cryptocurrency numerous times.
Another redoubtable figure in the world of commerce is Richard Branson and, while he isn’t exactly what you would call a crypto head, he definitely has a nose for good investments. So, let’s see what he had to say:
‘Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.’
Now, despite this quote being from the early days of digital currencies, the Virgin emperor was still able to see that it isn’t just Bitcoin that can make you rich, there are lots of other coins out there with potential for big growth.
Just Google it!
While the above personalities are undoubtedly people you would do well to listen to when it comes to money, they aren’t exactly what you’d call technical experts. Eric Schmidt, on the other hand, is precisely that. And he clearly believes in the power of the technology attached to the biggest crypto project to date:
‘[Bitcoin] is a remarkable cryptographic achievement […] The ability to create something which is not duplicable in the digital world has enormous value […] Lots of people will build businesses on top of that.’
Schmidt made this statement back in 2014 when Bitcoin was worth a smidgen over $600. When we look at the rollercoaster ride that ensued in the following few years, it’s safe to say he was right on the money. Not only did ‘lots of people build business’ on top of Bitcoin, but an entire industry sprouted up, making many people very rich in the process.
Potential threat to your system detected
Another shining light in the tech biz is cybersecurity superstar and crypto enthusiast John McAfee. His reputation as a massive advocate of digital currencies precedes him – but biased or not – we have to give credit where credit’s due. Speaking as early as 2013, McAfee said:
‘You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust.’
As we see an increasing number of governments discussing and introducing crypto regulation, and even traditional central banks issuing their own virtual currencies, there’s no denying that the antivirus mogul demonstrated some incredible foresight to call it as early as he did.
The party’s over
Our final quote is from a little-known figure, but it takes on a special significance given his political background. Rick Falkvinge is most famous as the founder of Sweden’s Pirate Party. Despite garnering a lot of media attention, the party never made it into the Swedish Riksdag, but it did have success in the European elections and Falkvinge himself was even employed by the European Parliament. His view is simple:
‘Bitcoin will do to banks what email did to the postal industry.’
Before 2017, many would have scoffed at such an idea, but they aren’t laughing anymore. With each passing year, it seems as though traditional fiat currency is becoming more and more irrelevant and it’s hard to see a future where money isn’t totally digitised.
These visionaries all saw the digital revolution coming from miles away. That’s probably why they have all been so successful in their own individual rights. You might have missed the initial boom of 2017/2018, but the transition isn’t yet complete and there are still opportunities to earn on crypto. In fact, there are plenty of pundits predicting that Bitcoin will rise above $100,000 in the coming months and years. Not least because digital currencies are gradually evolving into a new breed of haven asset. And with threats like the coronavirus and general global economic decline, a stampede to safe harbours is definitely on the cards. Given the close correlation between crypto assets, a rise in Bitcoin will likely mean similar growth across all the major cryptocurrencies. This being the case, there’s never been a better time to register with a reliable, secure platform like StormGain and throw your hat in the crypto ring, so to speak. So, what are you waiting for? Create an account today and be ready to profit from the next boom!