With the spread of Bitcoin all over the world, the importance of Dollar and Euro may decrease.
Jon Matonis, the Founding Director of the cryptocurrency Bitcoin, was a guest at an event held in Istanbul. At the conference called “Bitcoin’s Game of Thrones”, Matonis said, “The President of the Central Bank of the Republic of Turkey, Murat Çetinkaya, has a statement for digital currencies such as Bitcoin:
‘It poses a risk for Central Banks in controlling the money supply’. In fact, it brings with it opportunities. Bitcoin is beneficial for individuals and financial sovereignty. It is also important for countries. In addition, Central Banks will begin to compete to provide bitcoin-based assets. Today and in the future, the importance of the dollar and euro will decrease. In 50 years there will be no currency like the Euro. Ultimately, monopoly will be eliminated,” he said.
Emphasizing that states or royals have been printing money for centuries in the world, and Bitcoin has proven that there is no need for rules to print money, Matonis said, “Money is an illusion. We all participated in the great illusion. We just call it King Naked. This is why Bitcoin is being discussed so much,” he said.
Stating that Bitcoin, whose first transaction was made in 2009, passed the Search for Extraterrestrial Intelligence (SETI), which was established to capture sound signals from space, in 2013, became the largest information processing project in the world, Matonis said, “In other words, it is much safer than even the systems of Central Banks.
Computing power per second is measured in hashes. Put together 10 thousand of the most powerful computers in the world, even more than them. It may not be possible to reach 1 billion people for Bitcoin right now, but these figures will be possible in a few years. Institutions like JP Morgan, Goldman Sachs are trading bitcoin,” he said.
Regarding the advantages of Bitcoin, Matonis also said: “As an individual, you control the assets yourself. It protects you against identity theft and financial surveillance. Bitcoin is popular in China for this reason. Private and legal persons can take their assets abroad against the state of China, which prevents capital movement. It also protects you against foreclosures. The Netherlands is perhaps not one of the top five largest countries in the world. But the Netherlands is in the top five per capita use of bitcoin.
Bitcoin will have two more important domains; Presumably reserve banking will no longer be possible. Latter; We cannot say that taxes are disappearing, but it will change in form. Governments will focus on consumption tax, VAT instead of income tax.
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