Andreas Antonopoulos, the author of Mastering Bitcoin and a well-known Bitcoin proponent, spoke about state-sponsored cryptocurrency, during the recent Q&A video uploaded on Youtube. Here, he discussed whether it is a “good idea” to have these currencies or whether it is better to accept the duality of Fiat and cryptocurrencies.
Andreas started by stating that the state-sponsored cryptocurrencies don’t “really change anything”, adding that the purpose of the cryptocurrency “by definition” will be centralized, controlled, surveilled, closed, would required identity verification and would be allowed only to a “select few”. He said:
“What we don’t realize is that one of the reasons why we’re going to see more and more states promoted crypto currencies or other forms of digital currency is because we are entering the last era of cash.”
The author went on to say that cash would soon be eradicated and that this would happen “within our lifetimes”, adding that “in many cases our children will never see cash unless they visit a museum.” Moreover, according to him, the reason why cash would be eradicated is that it creates an “unfortunate opening” for freedom in places where freedom is not allowed. He said:
“Cash allows some flexibility in the system right when ridiculous things are made illegal captures the way you do them and generally speaking the big crimes don’t use cash because you can’t move that much cash for the big crimes what you need to do is buy yourself a banking license and use a bank to do it”
He further added that one of the ways to eradicate cash is by introducing digital state-sponsored currencies.
“What they [governments] are trying to create is a currency panopticon a situation a virtual digital prison of money in which everything you do is controlled everything you do can be seen can be monitored and at that point your freedom is one binary switch free not free free not free and one day someone’s gonna go through that virtual control room ago click-click click-click click-click I won the election of course”