How the next financial crisis is set to see people turn to cryptocurrency

Crypto money is where the world will be headed longer term, argues ShapeShift’s boss…
The boss of cryptocurrency exchange ShapeShift looks like he’s coming through what’s been a tricky time for his company. The exchange launched off the back of promises of no registration for users, but at the start of September, it had to alter that position. With regulatory uncertainty surrounding the cryptocurrency industry, ShapeShift is introducing mandatory registration for its services, as a way of securing its position.

The CEO of the firm, Erik Voorhees, has given the impression of defending a position he didn’t really believe in. But he’s on more certain ground for himself with his latest pronouncement over the future of cryptocurrency itself.

Voorhees took to his Twitter feed at the end of last week. And he stated his belief that crypto was poised to come into its own should the current financial system have another dramatic tumble.

“When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back and thus must print it instead, and thus fiat is doomed. Watch what happens to crypto”, he told his followers.

There are question marks, of course, over just what would happen if the traditional fiat system did actually collapse, or significantly falter again. A straight switch from one way of working with money to another is highly, highly unlikely to happen. Still, it’s hard to quarrel with Voorhees that crypto is going to have a more important part to play. As he argues, “ultimately the world will move away from fiat money (printed without end, trending toward zero) toward crypto money (known, transparent, fixed supply, not subject to politicians’ opportunism)”.

We wait and see if he’s right…

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