News

Crypto Will Replace Scammy Fiat, Predicts ShapeShift's CEO

In a live video chat with the Australian film and TV producer, Naomi Brockwell, the CEO of Shapeshift, Erik Voorhees, said that Cryptocurrency will soon overtake government currencies. The interview which took place on Nov, 2, was publicized on YouTube and in the Video, the CEO outrightly stated that government currencies were scammy.
Erik Voorhees has been known in the past to speak highly of cryptocurrencies and the possibilities they have in creating a free market. According to him, his life has been dedicated to foster the growth of cryptocurrency. For this reason, it does not come as a surprise that he is still rooting for these digital assets despite the market’s volatility.
In the interview which was to celebrate 10 years since the release of Bitcoin’s whitepaper, the ShapeShift’s CEO said;

I’ve felt like it has always had a significant potential to take over the world… and I still do. I still think that it is going to replace government fiat over time, especially as people continue to figure out that there is an alternative to that scam.

The CEO also added that the future which he sees for cryptocurrencies is achievable if investors, innovators, and startups play their part. Nevertheless, the dominance of crypto will be unavoidable because these are decentralized assets that are not regulated by a Federal organization and as such, they are immensely powerful.
In July this year, Erik Voorhees stance on the future of digital assets was the same. This is because, in a debate with the founder of Euro Pacific Capital, Peter Schiff, he had held his position that in the near future, cryptocurrency will most likely overtake governments’ fiat to become a more preferred medium of exchange
Significant points raised by the CEO during the debate were that Bitcoin is good money with qualities such as scarcity, divisibility, portability, and fungibility, while Fiat is bad money. In the case of the latter, Voorhees labeled the government’s fiat money a scam. In the same vein, the durability of fiat was questionable by the CEO.
Voorhees is not the only one that is optimistic about the future of cryptocurrency and pessimistic about fiat. It can be recalled that in October this year, the American venture capitalist, Tim Draper, was interviewed by the host of CNBC Africa’s “Crypto Trader,” Ran Neuner.
Draper is of the same opinion that within a few years, there will be a transformation in the crypto industry and government-issued currencies will lose its value.

Related posts
cryptocurrencyCryptocurrency NewsIndiaNews

Indian Crypto Investors Express Outrage As Multiple Exchanges Face Challenge With Banks Stopping Transactions

Indian cryptocurrency investors are all fire and fury as some of the banks are reported to have blocked payments to and from cryptocurrency exchanges. This has led to a sudden disruption in cash flow for the investors as well as the exchanges….
cryptocurrencyCryptocurrency NewsDOTDOTUSDNewsPolkadot

Why You Should Keep An Eye On Polkadot (DOT)

Altcoins have taken this year by storm with many of them putting up unbelievable performances to date. One of such coins is DOT which has been nothing but amazing since the start of the year. The cryptocurrency made its trading…
cryptocurrencyCryptocurrency NewsdogecoinDOGEUSDNews

What Are The Chances Of Dogecoin Being Above $5 By End Of 2021?

Dogecoin has taken this year by storm. The digital asset has also come a long way from being tagged as a meme coin to being one of the hottest sensations in the crypto space. DOGE has seen a whopping 6000%…