As a “peer-to-peer currency” bitcoin could one day start a financial revolution as it means an extinction level event for banks which will no longer be a necessary middleman, Bitcoin Cash ‘CEO’ Rick Falkvinge told RT.
In an exclusive interview with RT’s SophieCo program, he said bitcoin is the future of finance, and the key aspect is that the cryptocurrency is “permission-less.”
That allowed him to call himself a Bitcoin Cash CEO without asking anybody’s permission - "as a way to illustrate that we are not asking permission - that’s just part of our community."
“There is nobody needing to give permission in the background, there’s nobody who gets to say no to a transaction. No money can be forced, no money can be seized. And here’s a big problem for governments in the future,” he said, adding “taxes can no longer be forced.”
Falkvinge who’s also the Swedish Pirate Party founder predicted that society will soon go from proprietary money to open money like bitcoin. The changes the virtual currency is going to bring are so profound to society that “we’re going to see a lot of governments panicking when they realize they can no longer just seize any money they want.”
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According to the expert, if the cryptocurrency fulfills its promise than one bitcoin will someday be worth two to five million dollars. However, at that point it won’t make sense to measure bitcoin in US dollars because the greenback will not have any measurable value.
“So cryptocurrency doesn’t really need to replace the US dollar, replace the euro. It just needs to survive while these behemoths collapse under their own weight. And when it happens, it’s going to go fast,” he said.
Falkvinge added bitcoin is not the final cryptocurrency and there are others to come which together will displace the central bank money. “Some cryptocurrency is going to be worth a lot of money, which one..? Well, that’s a gamble,” he said.
The world's most popular cryptocurrency was trading around $8,200 on Tuesday.