ShapeShift CEO Says Governments Do Not Realize What Is Gonna Happen With BTC

El Salvador’s decision to legalize Bitcoin sparked differing reactions all over the globe. On one hand, proponents and advocators of Bitcoin appreciated this venture while on the other hand several legislative bodies criticized cryptocurrencies by labeling them as risky and unpredictable.

The most recent instance of this type was when World Bank refused to support El Salvador’s decision to allow Bitcoin. World Bank is concerned about fratilties of environment and transparency.

In an interview with Anthony Pompliano, Erik Voorhees, the founder and Chief Executive Officer of ShapeShift said that governments are procrastinating in making a decision about cryptocurrency due to obvious reasons. They are not able to read the situation exactly but what is going to happen soon is that Bitcoin will emerge as better option than money and will ultimately outperform gold (the precious metal).

A fortnight ago Elizabeth Warren, a senator of United States severely criticized the application of digital currencies due to safety and environmental reasons.

Above all, the International Monetary Fund known as IMF did not remain silent as well and brought to light more serious financial, microeconomic and legal issues related with El Salvador’s venture.

Erik Voorhees, while discussing the disparate reactions given by regulators, showed optimism by saying that blockchain technology is on its way to gain transparency and will soon become dodge free. According to him, decentralized money will eventually become a better option as compared to paper and e-money.

He added that the issue which World Bank and IMF are facing at the moment is that they have no system of surveillance over people’s private assets. The extent to which they were able to control e-money will not be achievable in case of decentralized money, they need to understand and accept this fact.

Anthony Pompliano also discussed some other aspects with Voorhees such as decentralized finance and acceptance of Bitcoin by financial institutions. Voorhees responded by saying that it is not possible for banks or any other financial institution to foresee what is coming next.

In a poll, financial officers of many banks discussed their interest in digital currencies. As per findings of the report, except only two percent of the participants, all of them believed that in a span of five years their hedge funds will be invested in digital assets.

In a nutshell, despite the criticism, future belongs to decentralized money.