Forbes founder says Bitcoin and cryptocurrencies protect from unstable financial policies; urges further developmentShaurya Malwa ·4 years ago· 2 min read
The world’s billionaires and influential businessmen are increasingly speaking on Bitcoin as a hedge and investment while calling out the excessive money printing in the U.S. and uncertainty in financial markets.
The latest to tout Bitcoin is media magnate Steve Forbes, chairman and editor-in-chief of Forbes Inc. He believes the currency helps stabilize the government-controlled financial system and urges technological development to continue on the Bitcoin blockchain.
In an interview by the U.S. Center for Natural and Artificial Intelligence this weekend, Forbes spoke on cryptocurrency, the digitalization of finance, and the future of currencies amongst broader topics.
Cryptocurrencies, Forbes noted, have emerged as a technologically-forward “cry for help” as governments turn to quantitative easing and free credit to revitalize their economies.
However, excessive printing causes long-term financial instability. Take Japan as an example; the government ran a Q.E. program in the late-1980s, leading to “The Lost Decade” from 1990-2000 — a period defined by decreasing economic output and inflation.
Japan has still not recovered fully, even thirty years after the Q.E. program. Critics say the U.S. is headed down a similar route if additional measures are not put in place.
While Bitcoin and the broader crypto market helps with the above, Forbes called out the massive volatility in BTC markets. In early-June, China’s former central bank voiced similar concerns, stating Bitcoin was a “commercial success” but its volatility meant the protocol was more of a speculative instrument than a serious currency alternative.
Hard cap a mistake
Bitcoin’s 21 million supply was also subject to scrutiny, Forbes noted restricting the supply to eventually create value was a mistake on the creator’s part. He explained that money is meant to facilitate commerce, not “control the economy” and impede businesses with scarcity.
When asked about the popularity of Bitcoin in Syria, Lebanon, and Venezuela, Forbes attributed it to overall failed economic structure, not the monetary benefits of BTC by itself.
The three countries are seeing increased Bitcoin adoption since last year. Reports state Bitcoin and Ether are sold at a premium, with several retailers in Venezuela now accepting BTC as payment for everyday produce.
Political impediment for Bitcoin
Forbes believes Bitcoin will not see widespread adoption without a political and regulatory struggle. In fact, he points out that cryptocurrencies could never receive permission to operate as widely they can.
His solution? Going ahead with development and project launches while dealing with the implications later on.
On the future of cryptocurrencies, Forbes said the market needs to become “extremely easy” for ensuring adoption beyond the use as a crisis currency. He added measures to control volatility need to be implemented.
To his point, the stablecoin market is booming, and prove to be superior to speculative digital assets in the near future.
Meanwhile, Forbes noted Libra, Facebook’s native currency, or a hypothetical Amazon coin could lead the cryptocurrency market, considering the sheer “brainpower” working on and available, respectively, for the development of digital currencies and related frameworks.
Mentioned in this article
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Posted In: Bitcoin, US, Adoption, Investments
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Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin's creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”
Cryptocurrency investing carries a substantial risk and should be approached with caution. This still-nascent market is prone to high volatility and uncertainty. However, crypto assets also present unique potential for those willing to accept the elevated risks.
Prominent figures associated with substantial cryptocurrency wealth include individuals such as Changpeng Zhao (founder of Binance), Cameron and Tyler Winklevoss (founders of Gemini), and Chris Larsen (co-founder of Ripple). Their fortunes are tied to successful ventures in the crypto space.
How Many Billionaires Own Crypto? There are 16 cryptocurrency billionaires in Forbes' ranking of billionaires. Sam Bankman-Fried is still on the list as the seventeenth, but Forbes lists the ex-CEO of FTX with no wealth. 4 There are likely many more billionaires who own crypto, but most do not publicize their holdings.
As of March 2024, bitcoin was legal in the U.S., Japan, the U.K., and most other developed countries. In general, it is necessary to look at laws in specific countries. In the U.S., the IRS considers bitcoin and other cryptocurrencies property, issuing appropriate tax treatment guidelines for taxpayers.
Up a level, there are 182 centi-millionaires, holding at least $100 million in cryptos, and there are 22 crypto billionaires. Bitcoin accounts for more than half of crypto-millionaires fortunes while 72 of the centi-millionaires and six of the crypto-billionaires made their fortunes from trading Bitcoin.
Who Owns the Most Bitcoins? Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.
Bitcoin is a risky investment with high volatility, and generally should be considered only if you have a high risk tolerance, are in a strong financial position already and can afford to lose some or all of your investment.
If you lose money in crypto, you will have to sell your assets to cover your losses. If crypto goes negative, you will still have to sell your assets to cover your losses.
Don't overcommit. Due to its volatility, crypto shouldn't be a large part of your investment portfolio. A good rule of thumb is to put no more than 5% to 10% of your portfolio in crypto. The other 90% to 95% should be in more proven investments, such as stocks and real estate.
That investment would be worth $6,859,178,076.22 today based on the same price of $28,122.63 at the time of writing. While investing in Bitcoin today may never be worth billions of dollars in the future, the hypothetical investment illustrates the large increase in value of the leading cryptocurrency over time.
So, 10 times from those levels would mean that Bitcoin could go as high as $350,000, Saylor said. If this is the case, you would need to own 2.86 BTC to become a millionaire. It would cost around $190,000 today.
There are just six bitcoin billionaires in the world, new crypto super-rich report says. Hundreds of millions of people have crypto investments. A new report shows how many crypto millionaires and billionaires exist.
Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions.
Bitcoin, introduced in 2008 by an anonymous creator known as Satoshi Nakamoto, is a decentralized, digital currency exchanged through a peer-to-peer network without centralized authorities. It's the world's first decentralized cryptocurrency, using blockchain technology to secure and verify transactions.
“Bitcoin is certainly at least digital gold, it's going to eat gold,” Saylor said, “It's got all of the great attributes of gold and it's got none of the defects of gold.” As one well-worn example, Saylor said that gold can't easily be moved from New York to Tokyo in a few minutes, unlike bitcoin.
Bitcoin was designed by its pseudonymous inventor, Satoshi Nakamoto, to work as a currency, but its status as a currency is disputed. Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin does not currently meet all these criteria.
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Forbes founder says Bitcoin and cryptocurrencies protect from unstable financial policies; urges further development Shaurya Malwa · 4 years ago · 2 min read 
