Istanbul Gold Refinery (IAR) Vice Chairman Ayşen Esen spoke to Anadolu Agency. In his statements, Esen evaluated rapidly developing digital technologies, developments in the gold market and systems such as Bitcoin.
Doesn’t Feel Safe
Various technologies such as blockchain, artificial intelligence, IoT continue to develop rapidly. Ayşen Esen says that such technologies are very important for companies dealing mainly with industry.
Esen shared his views especially on blockchain and Bitcoin and talked about how important these are. According to his statements, Istanbul Gold Refinery has started to work on such technologies. However, Esen states that there is a very important deficiency in these systems. This shortcoming is that systems like Bitcoin do not have a physical response.
Developed completely in electronic environment, Bitcoin does not have any counterpart and presence in the physical world. According to Esen, Bitcoin does not “feel safe” for this reason:
“Systems like blockchain or bitcoin are concepts that always require us to look at us with a question mark unless it has a physical counterpart. You do not feel safe when you do not have a physical response. For this reason, it is clear that in the coming period, solid systems where some gold-based currencies are secured like a blockchain mechanism but there is also a physical gold behind them will come to the agenda. We are working on this seriously. ”
Not just Bitcoin
While Ayşen Esen says that Bitcoin is not a safe product, it refers not only to Bitcoin but actually to any currency. According to his opinions, people feel safe while using neither dollars or euros in the current conditions.
Saying that the currencies like the dollar belong to a single country, Esen says that they are ultimately “pieces of paper” and comments on the subject as follows:
“Neither dollars, euros, nor any other money is a guarantee in the coming period. These are all pieces of paper. When you have no money, you lose money when that country is weakened. Therefore, I think gold is a very important factor because gold does not belong to a single country. Gold does not disappear with the crisis or financial difficulty experienced by a single country. Gold has been around for millions of years and will continue to exist. There will be a lot of investment in gold in the coming period. Its use in electronic environment will increase even more. ”