Former Coinbase executive Balaji Srinivasan is of the opinion that Bitcoin will in the future disrupt the entire tech industry, Wall Street, and Silicon Valley. Despite his surprise exit from Coinbase last month, he remains a firm Bitcoin bull, and is very adamant about Bitcoin having a bright future.
Just a month after his spell at Coinbase, Srinivasan line up tweet after tweet that made it known that he was still a Bitcoin bull. Not only did he talk up Bitcoin as a potential popular store of value, he also expressed his opinion that public blockchains would become major disruptors in virtually every sector of the economy globally.
The blockchain has already witnessed continuous adoption by an increasing number of merchants such as Nordstrom, and also increasingly in the financial sector with Vanguard recently disclosing a 1.3 trillion in index funds currently being managed through index funds.
Srinivasan also made a bold point by stating that the rise of crypto had made location “less important”. Rather than towing the traditional lines of funding, raising capital, and operating a business, entrepreneurs can now function with nothing more than a computer connection. This basically implies that he finds Wall Street and Silicon Valley quite redundant. While a number of analysts have called for some changes in the form of issuing stocks; by issuing them through tokens, they have not gone as far as implying that Wall Street was becoming redundant.
Srinivasan’s assertions are based on crypto disrupting the entire tech industry, and the ability of crypto to inspire globalization. He makes a sound point when he points out that location becomes irrelevant when people around the world can transact in Bitcoin. Crypto also has the ability to become a soft cushion whenever a country’s fiat faces restrictions and collapses. Crypto would, therefore, come in handy in financially depressed places like Venezuela and Argentina.
Bitcoin the new Gold?
Srinivasan also shares the same views as other popular Bitcoin bulls such as the Winklevoss twins, that Bitcoin will eventually become a “universally valued instrument” despite precious metal pundits dismissing Bitcoin as worthless. Srinivasan though talks up the possibility of Bitcoin becoming the globally accepted “digital gold standard”.
With Bitcoin bulls like Srinivasan and the Winklevoss twins talking up Bitcoin as a potentially better store of value than Gold, there is a reason to believe that this could eventually be the case given Bitcoin’s popularity among Millennials as compared to Gold. There have been legitimate arguments against Bitcoin as a store of value though, citing the cryptocurrency’s highly volatile nature.
Image Courtesy of fortune.com
