Bitcoin Foundation Chairman Says “Samsung Will Be Biggest Beneficiary of the Bitcoin Market”

Journalist:
November 14, 2014

At a press conference in Daejeon, South Korea, Bitcoin Foundation chairman Peter Vessenes alluded to his speculation that Samsung will eventually benefit from bitcoin mining as the general bitcoin infrastructure grows.

The press conference took place during the Daejeon Global Innovation Forum according to the Korea Herald, which quoted Vessenes as saying “Samsung will be biggest beneficiary of the bitcoin market.” Vessenes backed up the logic behind his speculation by saying that the most efficient chipmakers make far more money than those with less efficient chips. With Samsung Electronics being already one of the most prominent chipmakers in the world, it’s no surprise that he would come to this conclusion.

“At least half a billion U.S. dollars, up from $10 million two years ago, will be spent on purchasing Bitcoin mining systems worldwide next year or in 18 months.”

As the difficulties in mining continue to increase for bitcoin mining over the following years, the boundaries of innovation are pushed to the limit. If bitcoin and digital currency prove anything though, it’s that there are always ways to improve existing centralized systems. If Samsung innovates and creates even more powerful chips designed for bitcoin mining, they could see a major increase in profits.

“Much of the money will go directly to foundries with the highest technology in the world, including Samsung, Intel and TSMC.”

The speculation of Samsung benefiting from the bitcoin infrastructure being announced in South Korea may be part of the Bitcoin Foundation’s messaging of a global focus as Vessenes hinted later in the conference.

Also Read: Jon Matonis resigns as Executive Director of the Bitcoin Foundation

The Foundation: Samsung and Bitcoin Making a Global Impact and Internal Problems

While the tone toward the Bitcoin Foundation is highly critical, Vessenes kept the overall bitcoin messaging focused. The mission of the Bitcoin Foundation is to standardize, protect and promote the use of bitcoin cryptographic money for the benefit of users worldwide.

“Bitcoin has the potential to become a global settlement currency, and something that might compete with the dollar as a way that countries and businesses outside the U.S. could settle their debts with each other,” he said at the press conference. “But we have to wait and see.”

Even still, there are those that want to tear down the Bitcoin Foundation to remove them as the voice of Bitcoin. Cody Wilson, a crypto-anarchist and co-founder of Dark Wallet, plans to run for a board seat on the Bitcoin Foundation in January 2015. His sole purpose in running is to tear down the Bitcoin Foundation from the inside.

Upon the announcement of his campaign, he released a statement saying:

“I will run on a platform of the complete dissolution of the Bitcoin Foundation and will begin and end every single one of my public statements with that message.”

Many in the community are upset with how the Bitcoin Foundation is handling business, and some prominent members even left over the lack of transparency. There’s a large movement gathering that no longer wants the Bitcoin Foundation as the speaker for bitcoin, preferring instead a decentralized model such as that promised by Lighthouse.

South Korea Received First Bitcoin ATM This Year

In March, South Korea received their first bitcoin ATM at a coffee shop in Coex Mall, one of Seoul’s largest shopping malls. The ATM is a result of a partnership between Coinplug bitcoin exchange and Nautilus Hyosung, a “regular” ATM manufacturer. The ATM does not collect any identification or biometric information from users.

What do you think about Samsung, South Korea, and Bitcoin? Comment below!

Images from Shutterstock.

Clay Michael Gillespie @thelivingaspect

Clay Gillespie a writer and reporter for many different platforms across the tech industry. He holds a B.S. in Public Relations from Ball State University, and freelances for different clients in technology and cryptocurrency. For more information, visit his personal website, claygillespie.com.