Richard Byworth, CEO of EQONEX, and Roger Ver, Founder of Bitcoin.com, shared some fascinating thoughts about Bitcoin, Bitcoin Cash, and the future of digital currencies. The pair also answered questions from the watching attendees, and some of the answers were as surprising as they were insightful!
“I read a book by Yuval Harare called Sapiens that talks about monetary structures and references Bitcoin... And so I started looking into it.”
“Similar to Richard, I was reading books… about anonymous e-cash and cyber cash on the internet and… I thought this is fantastic… but too bad it doesn't exist yet. And then, in 2011, I heard about Bitcoin for the first time, and the light bulb went off.”
Richard has a more optimistic opinion on the future of BTC:
“I'm really glad to say that the road ahead looks very smooth but the road behind us was a little bit bumpy.” And he dismisses the recent drop as “just a normal part of the cycle we saw in 2017.”
The pair then tackled the question of what needs to happen for crypto to go mainstream. Roger commented:
“I think it has to be more useful than credit cards, [PayPal, and] banks and whatever people have been using traditionally, if something's not more useful, significantly more useful, people aren't going to switch.”
Richard thinks we’re already on the way:
“[There is a] store of value aspect with Bitcoin, and I think… we're starting to see the early part of major institutional adoption.”
Continuing, Roger talks of the different needs of the people:
“In the Western developed world, I think they're more interested in just using it as a store of value or a hedge against inflation. In other parts of the world, like in Sub Saharan Africa, they’re just needed for payments and small-sized payments for their daily lives.”
Both agree that holding crypto is a wise move and should be part of an investor’s portfolio:
“… You need to have diversity, diversity, diversity. if you decide to buy to invest in the stock market, you don't pick one single stock, and say okay, I bought Tesla and I'm not going to own any other stock out there. That would be silly.”
Richard compares crypto favorably to gold:
“[Gold and crypto are both durable], but most importantly, [the benefit of crypto over] gold is verifiability. If you look at gold, you've seen multiple examples of fake gold being produced. Tungsten bars, gold plated feather. But [anyone] can verify Bitcoin, just by running a node.”
When asked which alt coins are the best to own right now, Roger took a philosophical stance:
“I like the privacy coins, so take your pick of any of the privacy coins out there.”
Richard had a more tangible answer:
“I would definitely say, have some Ethereum. I think they will massively outperform Bitcoin at certain points in this cycle… I also like Polka dot… And always have a utility token in there… My favorite utility token right now is EQO, the exchange token of EQUOS… [Which has] utility around enhanced yields, fee reductions and collateral around derivatives.”
On CBCDs, neither party had high hopes. Richard says:
“I think that they will be used as a way to tax citizens as well through negative-yielding interest rates on accounts.”
And Roger thinks they won’t work as the banks hope:
“It just makes cryptocurrencies that much more attractive for everybody around the world, and that's a good thing.”
Roger and Richard then turned to government interference with cryptos. Said Richard:
“I don't think there's a risk to cryptocurrencies from governments… [Just look at] Turkey, who banned Bitcoin today and Google searches for Bitcoin went through the roof, as people were trying to find out how they could go and buy bitcoin!”
Roger agreed, with a caveat:
“Yeah, [Richard is] right in everything he said, but one other point of caution for people around the world... would be when the private key is held by a custodian.”
The mainstream adoption of crypto stayed on the minds of some viewers, especially in regard to fees. Roger points to Ethereum’s upcoming move to proof of stake as a solution:
“I'm very optimistic about the future of Ethereum… The Ethereum camp wants the fees to be low and they're figuring out how to do that.”
But mainstream adoption continues regardless, Richard says:
“We’ve seen Square, PayPal, Visa, MasterCard, and Venmo all rolling out crypto strategies. [This] is the indicator that they are getting disrupted, and they need a strategy for crypto assets.”
In other words, crypto is here, and the whole world is taking notice! It was a great night and a fascinating conversation. Thanks again to Richard Byworth and Roger Ver for joining the webinar and Q+A. We can’t wait for the next one!
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