Bitcoin, and cryptocurrencies in general, have sparked interest among long renowned figures in the banking, financial, and technological industries. Here are their thoughts on digital currencies:
The former head of the International Monetary Fund, and the current President of the European Central Bank, is more open than dismissive of digital currency, unlike many of her more traditional colleagues. She says that decades back, “some experts argued that personal computers would never be adopted and that tablets would only be used as expensive coffee trays.” Later on these technologies became necessities in life. She argues that “it may not be wise to dismiss virtual currencies.” She argues that countries that have “weak institutions and unstable national currencies may see growing use” of digital currencies.
Bill Gates is popular for establishing Microsoft, which remains to be a tech giant in a generation of startups. As a leader in the digital industry, he sees digital currency in a positive way. Back in 2014, he said that “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Years later, he recognizes Bitcoin as an innovation that can lift systemic financial burdens on the poor. He believes that using digital currency reduces transaction costs, giving more leeway for the marginalized to borrow money. Microsoft is currently one of the biggest companies using Bitcoin as payment. You can use Bitcoin to pay for mobile apps.
Apple’s other Steve, Steve Wozniak also sees digital currency in a positive light. His explanation is a little more technical. He says that Bitcoin “.. is better than gold and the U.S. dollar. There is a certain finite amount of Bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but cryptocurrency is even more mathematical and regulated and nobody can change mathematics.”
Virgin Group’s Richard Branson knows credible innovation when he sees one. He sees Bitcoin as a currency that works. He also acknowledges the existence of other digital currencies and the value of their volatility. He says, “There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around bitcoin. People have made fortunes off bitcoin; some have lost money. It is volatile, but people make money off of volatility, too.”
Former Russian Prime Minister, and current Deputy Chairman of the Russian Security Council, Dmitry Medvedev also shared his thoughts on digital currencies. Medvedev calls the rise of the digital currency as a “novel situation” that “calls for a concerted effort to deal with it.” He adds that, “..non-standard solutions are needed that may lay the foundation for a completely new legal field.
Republican Candidates from the United States of America
Republican candidates from the United States that ran in the midterm elections in 2018, promoted the use of digital currencies in their campaigns. This was not to entice millennials, but libertarians who are wary of transacting using a central banking system https://www.cnbc.com/2018/03/01/cryptocurrency-candidates-politicians-embrace-bitcoin.html.