Erik Voorhees believes Bitcoin is on a path to becoming a globally adopted currency.
The chief executive officer and founder of the digital asset exchange ShapeShift tells Raoul Pal in a new interview that adoption of Bitcoin and blockchains as the new financial system is a process that will take two to three decades, but will ultimately generate wealth, improve lives and increase transparency.
“I ultimately do believe that everyone will eventually move to Bitcoin as full money, that fiat currencies will go away. They fall apart on their own. They collapse on their own because they’re printed into oblivion…
And they’ve never had to deal with something like Bitcoin as an alternative. They always just go into the next fiat currency. Now that there is a credible alternative emerging, they have a much bigger challenge. So I do think humanity moves to Bitcoin over time. I think fiat falls apart.”
Voorhees thinks Bitcoin adoption will force governments to shrink in size, which he sees as a positive.
“This is going to make governments lives’ harder because currently they fund themselves in three ways. They tax. They borrow, which is just taxing in the future. And they print. Those three ways are how governments are funded. And as the world moves to Bitcoin, that third way goes away entirely.
And so that will necessarily mean that governments have to shrink on a relative basis. Personally, I find that the most glorious thing that could come out of Bitcoin growing, is the reduction in coercive government. But a lot of people obviously don’t agree with that.”
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