People will turn to Bitcoin once the global financial system goes bust - ShapeShift's CEO says
|- Cryptocurrency experts are waiting for a collapse of the traditional financial system.
- Bitcoin stays under $6,400, however, the momentum is positive.
While institutional investors are indifferent towards digital assets and the so much touted cryptocurrency mass adoption is nowhere to be seen, some experts continue to believe that virtual money is on the verge of explosion.
"When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can't possibly ever pay it back and thus must print it instead, and thus fiat is doomed... watch what happens to crypto," Erik Voorhees, CEO, and founder of ShapeShift.io says.
He believes that eventually, the world will move away from fiat money that is controlled by governments and printed by central banks whenever the need arises. Such features as fixed supply, transparency and true independence from politicians' whims make a real difference from fiat banknotes and coins.
Erik Voorhees is not the only one who thinks that the collapse of the traditional financial system will result in cryptocurrency mass adoption. Overstock's CEO Patrick Byrne thinks that our financial system is a giant Ponzi scheme that will to collapse sooner or later and force people to switch to digital assets.
"People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse. So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto," he said in the interview with Bitcoin enthusiast Naomi Brockwell.
While it remains to be seen if these guys are right with there apocalyptical forecasts, at this stage the cryptocurrency market shows very little signs of life.
Meanwhile, one Bitcoin goes for $6,373 at the time of writing, mostly unchanged in the recent 24 hours. The price tested lows below $6,300 handle on Sunday, though the downside proved to be unsustainable as new speculative buyers popped in and saved the game. The coin is recovering from the oversold territory with the Relative Strength Index pointing to the North. This implies that more upside may be in store with the strong short-term resistance seen at $6,450/60 area.
BTC/USD, 4-hour chart
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