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Famous crypto trader and analyst Tone Vays is in South Africa to speak at a blockchain summit, where he was interviewed by CNBC Africa. In the interview, Vays emphasized that Bitcoin is the only true blockchain, and it will be the only working one in the next 10-20 years. He further added that in the next couple of decades, we would have one blockchain (Bitcoin), the way we have one Internet.
When asked whether Bitcoin will supplant the US Dollar or other major global currencies. Vays said,
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“Bitcoin supplanting the US Dollar in the next 10-20 years is very ambitious, It would be interesting if it happens. I think the US Dollar has a lot of strength in it left, but I certainly believe that it (Bitcoin) supplant many other global currencies around the world, because the populations of those countries will just trust it better. The way M-Pesa supplanted the local currency of Kenya, Bitcoin will do the same for many countries around the world in the next 10-20 years.”
On the question of the authorities cracking down and coming hard on crypto, Vays had an interesting perspective, which could give hope to a big part of the global crypto community. He stated that though the authorities have been coming hard at the industry, citing the example of how India was tough on its crypto industry, ultimately democracies are run by the people, and sooner or later, the world we see policies favorable to crypto as more and more people start using it. “… and if enough people in your country are using Bitcoin, and utilizing Bitcoin, that’s what will eventually reflect in the policies of those countries.”
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Vays has been one of the early investors of Bitcoin, who entered the industry soon after losing a lot of his wealth during the horrific global economic crisis of 2008. The interviewer, Godfrey Mutizwa, asked him about the role Bitcoin and blockchain will play in the future of developing economies, as most people from the emerging nations are unaware of the true potential of decentralized monetary systems. Answering this, Vays on the fact the people need to realize that Bitcoin is the only currency that cannot be unconfiscated. He cited the example of Cyprus Bank Shut Down of April 2013, when the government confiscated half of the wealthiest people owned more than €100,000. This can never happen with Bitcoin, he said.
