Since its eruption, bitcoin has taken the entire financial market of the world by storm. While it proponents are of the view that it is the digital gold and can act as a reserve currency, its opponents share quite the opposite perspective owing to the presence of illegal and negative activities linked to it. Various opinions are presented forward by various experts in the game.
BlockPublisher recently got in touch with the Chief Executive Officer of Regal Assets and a member of the Forbes Finance Council, Tyler Gallagher, as he shared his views regarding different aspects linked to bitcoin such as governmental regulations. The following Q&A presents the narrative put forward by Tyler in detail.
- Will bitcoin replace fiat or act as a reserve currency in the future?
Tyler: “I believe bitcoin itself will play a part in major currencies moving to the blockchain in the near future. I do not think bitcoin itself even has the ability to replace all fiat currency in the world due to the limitations of supply, however I do believe that in due time all major currencies will move to the blockchain and become cryptos much like bitcoin. I feel it is the natural progression of our monetary system.”
- Is it the digital gold?
Tyler: “Bitcoin is like when the internet was introduced and email proved the viability of the internet. I feel bitcoin has simply proved the viability of the blockchain which we will see evolve in our lifetime substantially. I believe that gold will be on the blockchain but I do not think that Bitcoin will replace the actual physical metal.”
- Should this market be regulated?
Tyler: “Absolutely without question. It will bring more credibility to the blockchain and allow for honest cryptos and ideas to emerge that will ultimately help this industry evolve without the worry of fraudulent activity. This is why I am personally a fan of security tokens I feel they bring a lot of credibility to this world.”
What can governments do to curb out the negative elements linked with bitcoin?
Tyler: “They already have begun to put processes in place requiring any OTC desks or exchanges to conduct the proper KYC process with each purchaser. At this point it is almost the only thing they can do. Bitcoin has been around since 2009, so unfortunately there are a ton of undocumented supply of Bitcoin that can travel from wallet to wallet and much like cash can be used for questionable activity.”
Developments are being made in this nascent world of bitcoins at a very rapid pace. More and more interest is being developed regarding this asset among various organizations and institutions. With governments stepping in and regulations being made, it sure looks like the ride ahead for bitcoin will be very interesting.