22 May, 2018
There’s no shortage of opinions from business and technology leaders when it comes to speculating about the future of cryptocurrencies and blockchain. High-ranking individuals from a variety of industries have voiced both support and hesitation as the technology continues to grow in influence. Recently, both Nasdaq’s CEO and Reddit’s co-founder have spoken up in defense of cryptocurrency.
Adena Friedman, Nasdaq CEO, said on CNN that cryptocurrency appears to be “the right next step in the space of currency.” She spoke about the potential global benefits that cryptocurrency could provide when taking full advantage of the ability to transfer money internationally. She also lauded blockchain technology as it gradually transforms markets and financial systems. Friedman stated, “It takes a village to make it work, but people are going to be highly motivated if we show that the use cases bring a lot of efficiency.”
Also speaking in defense of cryptocurrency is the co-founder of Reddit, Alexis Ohanian. In an interview with Stephen Colbert, Ohanian said that he “believes virtual currencies can be an effective tool to protect funds against hyperinflation.” Hyperinflation has affected countries like Venezuela and Zimbabwe, rendering local currency unusable.
Ohanian explained how a decentralized currency could prevent future hyperinflation incidents as cryptocurrency is an “opportunity for us to have a store of value that is not backed by a single country.” The decentralized currencies are promising for individuals in less stable countries where even the volatile cryptocurrency market is still more stable than their local government-issued currencies.
Cryptocurrencies and the underlying blockchain technology still have a long way to go before achieving global acceptance and adoption. Prominent voices in the right fields help to spread the word about the potential for these technologies.
As Friedman points out, however, the global acceptance of cryptocurrencies will partly depend on government support, regulations, and proven efficiency in reputable industries.
Image: Alexis Ohanian, Co-Founder of Reddit, on the Center Stage at Collision 2017 in New Orleans, Louisiana; 4 May 2017. Photo by Diarmuid Greene / Collision / Sportsfile.