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Billionaire Eugene Kaspersky: World Isn’t Ready for Bitcoin Yet

Last Updated March 4, 2021 3:18 PM
Samantha Chang
Last Updated March 4, 2021 3:18 PM

Billionaire Eugene Kaspersky says bitcoin is a brilliant innovation, but the world is not ready for cryptocurrency just yet. However, the CEO of Russian cybersecurity firm Kaspersky Lab believes that will change — in 100 years.

Kaspersky made the remarks in an interview with Arabian Business, during which he denied reports that his Moscow cybersecurity company develops spying technology for Russian intelligence.

Bitcoin Adoption Requires New World Order

Kaspersky says he believes that digital currencies will eventually overtake paper money in the future. However, he thinks that will require a new world order, where there’s a single government instead of the many different nation-states that we have today.

“Cryptocurrencies are a great idea, but the world is not ready for them yet. The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them.”

Crypto Can’t Replace Current Financial System

eugene kasperksy bitcoin crypto
Kaspersky says he believes that cryptocurrency technology will eventually overtake paper money in the future, though bitcoin probably won’t replace the financial system. | Source: REUTERS / Paul Hanna

Moreover, Kaspersky believes it could take another century for mass crypto adoption. And then even, the Russian mathematician does not believe that bitcoin will replace the entrenched legacy financial system that’s in place today.

“In the future — perhaps in 100 years’ time — all the world’s governments will be one government. States will unite under the (Government of the Earth). And only then we will have one currency. Some other currencies may be available, but on a global scale, the currency will be unified.”

“In the future, the currencies will be digital rather than paper. Today’s digital currencies, such as bitcoin, cannot replace the current financial system.”

“But some of the ideas and techniques on which these currencies are based can be used in the future currency with little modification, leveraging blockchain technology.”

Crypto is an Existential Threat to Central Banks

With this latest remarks, Eugene Kaspersky was doubling-down on similar comments he made back in 2015. At the time, Kaspersky praised cryptocurrencies as a remarkable innovation.

However, he warned that governments would try to ban crypto if it gets too popular because virtual currencies are an existential threat to governments and central banks.

“I am beyond certain that different countries will try to forbid the use of cryptocurrencies, because they are beyond their control. Authorities will not pay attention, as long as [cryptocurrencies] do not pose a threat. When they start supplanting national currencies, they will be banned immediately.”

Jack Dorsey: Crypto Will Unite the World

Kaspersky’s pessimistic timetable and outlook for bitcoin’s future is a stark contrast to that of billionaire Jack Dorsey.

Dorsey is a bitcoin bull who’s the CEO of social media network Twitter and mobile payments company Square.

In a podcast this week, Dorsey reaffirmed his optimism that the world will ultimately have a single currency, and it will most likely be bitcoin. Dorsey says that’s the “exciting” direction the future is naturally moving toward.

Dorsey: I Want to Usher in the Bitcoin Revolution

Unlike Eugene Kaspersky, Jack Dorsey does not believe that mass bitcoin adoption requires the abolition of the nation-state.

If anything, Dorsey says crypto will unite all the different countries of the world because it will be used as the single currency. Dorsey previously said that he believes the world will have a single global currency within the next decade.

“[The internet] will want to have a native currency, or a currency that’s effectively global and exists on its own territory instead of through the territories of the various nation-states that we have today. I can’t think of anything more exciting than that.”

“I want to help make it happen. That’s why getting more into bitcoin and cryptocurrency was so interesting for us.”