Steve Forbes: Cryptocurrencies is a “high tech cry” for help

In an interview with the Center for Nature and Artificial Intelligence, the president and Forbes media editor-in-chief spoke about the future of bitcoin and blockchain technology. According to Forbes, Bitcoin and cryptocurrencies are a "high-tech cry for help" from the world's central banks as they implement inflationary policies. Forbes calls cryptocurrencies a "high-tech cry for help" and a way to counteract the instability caused by the pandemic crisis, which has been exacerbated by inflationary policies implemented by central banks. According to Forbes, these policies have made the situation worse.

However, Forbes did not stop praising Bitcoin and the technology behind it. He also pointed out, contrary to his previous statements, that the mistake cryptocurrencies have made so far is the lack of stability.

Forbes, on the other hand, noted that the greatest value of cryptocurrencies such as Bitcoin, Ethereum, Litecoin and XRP is that they allow values to be moved from one place to another at low cost. This is why they were introduced in places with failed economies such as Venezuela and Syria.

Forbes believes that if Bitcoin becomes too rare a commodity, it will ultimately be an obstacle to its use. However, Forbes believes that cryptocurrencies will maintain the stability that the US dollar lost when it was unlinked from gold. The key, according to the president of Forbes Media, is to make the technology and cryptocurrencies easier to use.

Another problem that Bitcoin will have to face, according to Forbes, is part of its original design. Forbes believes that Satoshi Nakamoto made a mistake by restricting the supply of Bitcoin in the belief that “this would create value”. In Forbes’ opinion, what creates value is the trust of users when they utilize Bitcoin as a means of payment:

When people want something, the supply goes up. Well Bitcoin artificially restricts the supply and creates a shortage of money. With functional money people need more and increased supply makes it easier to trade. Money doesn’t control trade, money makes it easier for people to sell and buy.

Author : Reynaldo