Forbes Chairman: Stablecoins will outperform speculative cryptocurrencies in the future, and Bitcoin should continue to develop
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
, by Shaurya Malwa, translated by: Xi Yu, published with permission.
The latest to tout Bitcoin is Steve Forbes, chairman and editor-in-chief of Forbes Inc. He believes that the currency can help stabilize the government-controlled financial system, and he also urged the continued technical development of the Bitcoin blockchain.
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The U.S. Goes the Way of Japan
In an interview with the Center for Nature and Artificial Intelligence, Forbes spoke about cryptocurrencies, the digitization of finance, and the future of money more broadly.
However, printing too much money can lead to long-term financial instability. Take Japan for example; the government's quantitative easing program in the late 1980s led to the "lost decade" of 1990-2000, a period defined by falling economic output and inflation.
Even after three decades of quantitative easing, Japan has not fully recovered. Critics say the U.S. will head in a similar direction if no other steps are taken.
While Bitcoin and the broader crypto market help with the above, Forbes points to the huge volatility in the BTC market.
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Bitcoin's supply of 21 million has also been called into question, with Forbes pointing out that limiting the supply to ultimately create a rise in value was a mistake made by Bitcoin's creators. Money, he explained, is to facilitate business, not to "control the economy" and hinder business with scarcity.
When asked about Bitcoin’s popularity in Syria, Lebanon, and Venezuela, Forbes attributed it to the failure of the overall economic structure rather than the monetary gains of Bitcoin itself.
Bitcoin adoption has increased in all three countries since last year. Bitcoin and ETH prices are high in these countries, and multiple retailers in Venezuela now accept BTC as payment for everyday products, the report said.
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Bitcoin's political hurdles
Forbes believes that without political and regulatory battles, Bitcoin will not be widely adopted. In fact, he pointed out that cryptocurrencies will never be licensed to operate as widely as possible.
his solution? Bitcoin should continue to be developed and the project launched before dealing with follow-up issues.
