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Blackstone CEO believes blockchain is unsuitable for currencies

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Blackstone CEO Steve Schwarzman appreciates blockchain technology yet believes that blockchain is unsuitable for applying to money.

In an interview with Fortune, Steve indicated his anti-crypto stance by saying that they were “pretty odd.” He believed that using blockchain technology to develop money was weird as it complicated things. He also said that he had no particular interest in Bitcoin as it was challenging to comprehend.

Blockchain is unsuitable for money as currencies should be controlled

He believed that decentralization is the enemy of regulation, and an entity must be responsible for the financial activities in an ecosystem. He said that he was “raised in a world where someone needs to control currencies.”

Furthermore, he believed that such censor-free financial networks promoted criminal behavior and may even be used to fund terrorist organizations. He stated that global jurisdictions have a reason for controlling cryptocurrencies, and the government wants to insulate the economy as much “as it can be from excesses.”

Blockchain has potential

Nonetheless, Steve believes in the potential of blockchain technology and thinks that it is a great idea. He believed that the technology would be adopted in the near future due to its applications. However, he still thought it was “pretty odd” for people to use for creating money.

Although Steve may be against cryptocurrencies, the industry still remains a major part of the global economy with a market cap higher than a quarter of a trillion dollars. ($266B). Moreover, Bitcoin’s price despite having a relatively low price is expected to reach two hundred thousand dollars ($200k) according to Bobby Lee.

Furthermore, it receives support from various entities, including the founder of Morgan Creek Digital Assets Anthony Pompliano. Pompliano stated that it was astonishing to think that a “loosely coordinated group of volunteers” have developed the next global reserve currency.

Moreover, investor Tim Draper believed that people are likely to prefer Bitcoin over fiat currencies as they are subject to geopolitical conflicts. Whether it becomes the truth or just a wish remains to be seen.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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