Marcus Swanepoel, the co-founder of Bitcoin Company Luno, has sensationally claimed that bitcoin is going to change the existing financial order. Speaking to Express.co.uk on Wed, Oct 24, 2018, the crypto expert asserted that:
“Money is not going to be the same forever and ever.”
Swanepoel further contended that:
“I don’t know if it is going to be Bitcoin or Ethereum – or if it is going to happen in a hundred years or one year.”
On the future of fiat money, Swanepoel was uncompromisingly forthright in his response:
“But the future of money will involve some kind of global currency that is completely interoperable.”
Further, Swanepoel proceeded to envisage the outlook of future banking by stating that:
“One way or another the banks are going to get disrupted – whether it is through crypto or the sheer human capital that is now wanting to make financial services better.”
The crypto nerd argued the existing banking system was not designed with the digital age in mind and would, therefore, be forced to redundancy as the new financial order takes over.
Interestingly, the remarks come from a former banker with extensive experience in the banking industry. Swanepoel has previously worked in consumer and investment banking in Africa, Europe, and South East Asia.
“I am not anti-bank or anti-government,” said Marcus Swanepoel.
Currently, Swanepoel operates a global cryptocurrency business with its headquarters in London-with operations in South Africa, Nigeria, Indonesia, and Singapore.
Responding to perceptions of bitcoin being a gamble, Swanepoel is more categorical in his reply:
“We are not building a gambling or trading company.”
Further, the crypto enthusiast Bitcoin will certainly be needed in everyday lives everybody
“What we are building, in the long run, is going to be useful for people in their everyday lives – they will be able to use it for transactions.”
In his warning reported in the Guardian, Nicky Morgan was blunt in his statement:
“Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury Committee strongly believes that regulation should be introduced.”
Nicky Morgan believes that regulators and government cannot continue issuing shaky warnings to potential investors, while at the same time refraining from acting.