Cryptocurrencies Can Finally Compete With The Existing Financial System

Cryptocurrencies Can Finally Compete With The Existing Financial System

In a recent interview with Bloomberg, the CEO of Swiss-based cryptocurrency exchange Shapeshift has spoken out against government regulators and authorities for not yet catching up with the trend of cryptocurrency. Erik Voorhees has been seen stating that finally, cryptocurrencies are ready to compete within traditional financial systems and that now is the time for regulators to begin to embrace cryptocurrencies, simply because with or without regulators, they will enter traditional financial markets in the future. Finances are of course subject to competition. Money is an asset with value and thus, money competes with money. Cryptocurrency is now ready to do that, and, as we can probably tell at this point, cryptocurrency does have a competitive advantage. According to BTCManager, Voorhees told Bloomberg:

“Most regulation is superfluous at best, and a lot of it is quite harmful. Even if someone doesn’t buy into the idea that cryptos will overtake fiat, most people should at least be interested in the fact that competition is now happening. That’s generally seen as a good thing.”

Moreover, in reference to the United States regulatory stance on cryptocurrencies specifically:

“Regulation should focus on preventing fraud and theft. There is no need for thousands of pages of regulations to prevent fraud. Most of the regulations have nothing to do with preventing fraud. Consenting adults who are not cheating each other should be allowed to interact economically in any way they see fit.”

See the full report by BTCManager for yourself, here- Moreover, you can see the full interview with Erik Voorhees, by Bloomberg, here- What do we think about this? It’s hardly breaking news that a crypto-entrepreneur believes regulators need to start taking cryptocurrencies seriously, Voorhees is naturally going to sit in a biased position when it comes to cryptocurrency adoption. This is a good thing though, ultimately, we need more people like Voorhees to stand up and speak up for cryptocurrencies, as, endorsement from successful crypto-entrepreneurs means that mainstream factions will start to take cryptocurrencies more seriously, that’s a fact. Therefore, it is great that Voorhees has spoken out like this on a mainstream news network. Moreover, what he is saying does indeed ring true and we too believe that cryptocurrencies are growing to a point in which they will eventually challenge traditional financial norms, whether traditionalists like it or not. Ultimately, if they squeeze in regulations now then cryptocurrencies will take the markets at their own free will, that could be problematic. Otherwise, if governments, authorities and regulators all start working together now, we can all help ease cryptocurrencies into the mainstream in the most effective way possible.

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