Russian cybersecurity expert Eugene Kaspersky has said cryptocurrencies can be a success, but only if governments stop trying to control them or alternatively when all countries unite under a single global government. However, the billionaire does not believe Bitcoin will replace the existing financial system despite the currency’s “great” qualities.
‘Government of the Earth’
Speaking to the Dubai-based magazine Arabian Business, Kaspersky opined that cryptocurrencies are ahead of their time. “Cryptocurrencies are a great idea, but the world is not ready for them yet,” said Kaspersky, chief executive officer of IT security company Kaspersky Labs.
“The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them. I believe that in the future, perhaps in 100 years’ time, all the world’s governments will be one government. States will unite under the [global government] and only then we will have one currency. Some other currencies may be available, but on a global scale the currency will be unified,” he predicted.
BTC, the world’s number one cryptocurrency, has lost more than 80 percent of its value since its December 2017 high of almost $20,000, in a downturn that has shaken the cryptocurrency industry to its core. The bear market has carried on into 2019, with bitcoin core swinging between $3,300 and $4,000.
However, adoption continues to grow. A number of businesses now accept BTC and other altcoins for payment while institutional investors have started moving into the space – something that’s been described by observers as key to cryptocurrency mainstreaming.
‘Digital Currencies Are Currencies of the Future’
In the Arabian Business interview, Kaspersky said digital currencies will dominate the financial system in future rather than fiat notes and coins. He argued:
Today’s digital currencies, such as bitcoin, cannot replace the current financial system, but some of the ideas and techniques on which these currencies are based can be used in the future currency with little modification, leveraging blockchain technology.
As a single global currency, bitcoin is viewed as key to ending willful currency manipulation, eliminating excessive transaction fees and improving transparency in global pricing, among other things.