The CEO of the popular social trading platform eToro is bullish on the future of digital currency. Yoni Assia told Bitcoinist he expects the emerging technology to lead to the biggest transfer of wealth in human history.
“We don’t believe that traditional finance will disappear overnight and we are already seeing many large financial institutions exploring the opportunities offered by crypto and the blockchain technology that underpins it.
We believe that crypto and the underlying blockchain technology will have a huge impact on global finance. Blockchain has the potential to revolutionize finance by enabling the tokenization of all assets, not just currencies. In time, we believe that we will see the greatest transfer of wealth ever onto the blockchain.”
Assia says one of the main barriers to mass crypto adoption is the fact that it’s less than 10 years old and hasn’t had time to evolve into highly efficient, scalable means of transaction yet.
“Currently, the level of understanding of crypto-assets is one of the barriers to wide-scale user adoption of, and investment in, crypto-assets. It’s a barrier that we’ve looked to address at eToro through building our community of traders and investors who can share their investment strategies and insights. From this, others are able to follow the approaches of those who have been the most successful. We also provide educational material and a virtual portfolio.”
As for whether Bitcoin will be a “winner takes all” coin or whether there is room for different cryptocurrencies to exist, Assia says there’s room to spare.
“The crypto-asset market is still very much in its infancy, and crypto-assets are still vying to prove their respective use cases to the world. Currently, different crypto-assets seek to solve different problems and are experiencing varying levels of adoption. There absolutely could be room for a few cryptocurrencies to exist, but it’s too early to say which ones this could be at this stage…
Whether Bitcoin will still be the most significant crypto in another 10 years is not for me to say, but I do believe that blockchain will transform finance in the same way that the internet revolutionized communications.”
You can check out the full interview here.