Cryptos and Blockchain Will Rule The World Says ShapeShift CEO

The prominent voice of the crypto world and CEO of ShapeShift Erik Voorhees, in his recent interview with BloombergTV, has said:

crypto will control over the world.

He appeared on the BloombergTV to discuss the global influence of blockchain technology and regulations on the crypto industry.

Crypto is taking over the world, ShapeShift CEO says https://t.co/zVtEFqnT88

— Bloomberg (@business) May 14, 2019

While speaking to the anchor Caroline Hyde he said the crypto industry should not be regulated as it will stifle the innovation and can be hurtful for the industry. The CEO of the crypto exchange added that regulation like one done by the US government, BitLicense, is more likely to harm the financial sector. He opined that money should be let loose so that there can be a healthy competition in the market.

While speaking in the interview, he further said there would be bubbles in the crypto market as it is getting ready to take on the world. He was asked if bitcoin or any other altcoin has any real practical use. To this, the CEO replied the people of Venezuela has already started using Bitcoin to combat the inflation and the people across the Philippines are using it for cross border transactions. As per him, this is quite an improvement for the cryptos at this stage.

In his interview, Voorhees also stated that by regulating the cryptocurrencies, the authorities are demanding to centralize it. But they are not created to be centralized and were not expected to be used in that way. He also claimed that the crypto industry had matured enough to take on any asset class and other media of exchange.

The discussion then shifted to ShapeShift.io, the platform was having anonymous accounts in the beginning and was transformed into the KYC model. The CEO said the transition was not smooth but had to follow it as the regulation was the concern.

The interviewer also desired to know about his concern on SFOX accounts supported by FDIC whether its institutional presence will pose any threat to the insubordinate character of digital currencies.

While concluding the interview, the CEO said he wants crypto to act like a big tent, and it gets used by the entire population of the world. He is glad to see people with a diverse opinion have started using the cryptos.

He feels it is just the beginning the blockchain technology has started to take over the world and is playing an essential role in revolutionizing the traditional business.