Here’s why cryptocurrencies could take over the world: expert

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With the ASX’s first cryptocurrency-themed exchange-traded funds (ETF) listing on Thursday, digital tokens have broken through a new barrier to mainstream acceptance.

But there are still many skeptics who cannot believe in assets with no intrinsic value, like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), may keep their valuations rising.

But a prominent venture capitalist said he believes cryptocurrencies will eventually take over the world.

“Rorting by the powerful”: the injustices of the SWIFT network

According to Mark Carnegie, founding partner of Mr. H. Carnegie, the traditional SWIFT global money transfer system moves around $ 140 trillion each year.

And he believes that the institutions that run the SWIFT network charge exorbitant fees as an international monopoly.

“It is essentially a casino that is completely rigged by the historic banks and central banks of the world to crush consumers around the world,” he said. Swiss TV investment.

“It is outright rorting by the powerful.”

According to Carnegie, moving money from A to B in the electronic age shouldn’t cost as much – or take as long – as the SWIFT network.

“If you try to send money to your cousin or aunt in another country, the money leaves your bank account, [then] arrives elsewhere 3 days later, ”he said.

“You are charged fees that you don’t understand for reasons you can’t understand. “

And for many decades, you had no other choice.

But over the past 10 years or so, cryptocurrencies have been developed to address exactly this injustice.

“Crypto said ‘this is absolutely ridiculous.’ There are only a few entries in a computer file – it costs you next to nothing to do that,” Carnegie said.

“We can attack the [$140] trillion and do it for a fraction of the cost.

Cryptocurrencies Are Not About Those Who Lead Comfortable Middle Class Lives

Carnegie pointed out that for the majority of people in developed countries, the choice between SWIFT and cryptocurrencies might not mean much.

But for the billions of people living in less developed countries priced above traditional banking services, cryptocurrencies could “change their lives.”

“For me, crypto is moving from the outside to the inside. It moves from the marginal economies of the world to the mainstream,” Carnegie said.

“I don’t think that, given its efficiency, it is possible to stop it at this stage… The race is on. “

Authoritarian states, like China, may try to ban cryptocurrencies to clamp down on financial transactions they don’t control.

But that doesn’t matter, Carnegie said.

“To be honest… all the miners moved to different countries. All the guys who understand this area have moved to Singapore.

“The world was ready to rock for 30,000 really rich people”

For Carnegie, the global financial crisis of 13 years ago really showed how, ultimately, regulators are perversely controlled by giant financial institutions.

“There is a phrase called ‘regulatory capture’ which refers to when regulators are captured by industry,” he said.

“What you saw in GFC 2008 is that the world was ready to shock for 30,000 really rich people at the same time that they weren’t ready to do anything for the climate. [change]. “

And it sparked the rage felt by the founders of cryptocurrencies by creating money that was not controlled by central authorities.

“They just said, ‘This is rigged for the rich and we’re not going to live with it anymore.’

Now there are 3 camps fighting for future supremacy, according to Carnegie.

“There are the people around Ethereum, with this Vitalik Buterin guy. There are 2 brothers who run a business called Bandaged of San Francisco… And there is the banking system in place.

He knows which horse he would support.

“You have 2 people who could be favorites for the Cox Plate and a 3-legged horse,” he said.

“Unfortunately, the incumbent bankers don’t stand a chance in this fight.”

Carnegie has literally bet on the race, with his venture capital funds invested in a company named Crypto Gaming United.

This business is a gaming platform for earning cryptocurrency with the majority of its players based in the Philippines, according to Bloomberg.


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