Steve Forbes indicated that Bitcoin is a high-tech cry for help. As a result, from the failures of fiat money systems. Media magnate Steve Forbes said: ” Bitcoin is a high-tech cry for help .” As a consequence of the lack of confidence in traditional currencies.
Who’s Steve Forbes?
Malcolm Stevenson Forbes, Jr. is an American editorial executive. He was a candidate in the 1996 and 2000 Republican presidential primaries. He is also the editor-in-chief of Forbes , a business magazine.
In addition, he is the son of former Forbes editor Malcolm Forbes, and grandson of that publication’s founder, BC Forbes. Finally, he is an advisor at the Forbes School of Business & Technology.
Bitcoin is a high-tech cry for help
On October 6, ARK Invest released the latest episode of its podcast. Certainly, the issue that had Steve Forbes as a guest focused on traditional markets, Trump’s policies, and media developments.
FYI | EP40 is live with special guest @SteveForbesCEO!
— ARK Invest (@ARKInvest) October 7, 2019
It should be noted that Steve joined ARK CEO Cathie Wood and analyst James Wang for a fascinating talk about the market, the modern media landscape, and the reliability of cryptocurrencies.
At the conclusion of the episode, Cathie Wood, executive director of ARK Invest, asked Forbes about her thoughts related to cryptocurrencies, especially Bitcoin.
For which reason, the chief editor of Forbes argued that : ” Bitcoin is a high-tech cry for help, ” before briefly mentioning the growing mistrust that is being placed on governments and their currencies.
In this regard Forbes expressed :
” Bitcoin has played a huge role in helping people in distress around the world, bypassing governments that want to control it .”
Although he assigned Bitcoin the rating as a tool against high-level corruption or irresponsibility. Forbes definitely admitted that the challenge for Bitcoin and its asset class is that they must be as trustworthy as classic money and gold.
He added that this can be accomplished by ensuring that Bitcoin is an impossible system to attack and becomes an asset with much less volatility than now.
Bitcoin the future of financial markets
Although Forbes went on to say that Bitcoin prices fluctuate too much, he showed a deep understanding of what Bitcoin is the future in the financial markets.
Contrary to many supporters of cryptocurrencies, Forbes pointed to the maximum limit on the supply of Bitcoin. Above all, stating that many within the virtual currency community, ” They have made the mistake of thinking that restricting supply would create value .”
Steve Forbes noted that crypto assets have seen adoption as a store of value in countries like Venezuela and Syria, which are facing currency crises.
While he emphasized the appeal of crypto technology as a symptom of failed economic policy and not the virtues of Bitcoin as a monetary product.
Cryptocurrencies have to be easy to use
Meanwhile, Forbes stated that :
” Cryptocurrencies have to be easy to use and less volatile, to spark widespread adoption as a conventional means of payment .”
Similarly, he emphasized that cryptocurrencies will not arise without political struggle, and asserted that cryptocurrencies will not receive permission from the government to disrupt economic orthodoxy.
The media mogul argued that effective money products facilitate trade and do not control the economy. To conclude, he indicated that: ” Monetary forms that are too scarce become an impediment to trade .”
Steve Forbes’ views on Bitcoin were quite positive, which is perhaps surprising considering the traditional financial environment.