Mark Yusko, CEO and Co-founder of Morgan Creek, spoke about geopolitics’ influence on Bitcoin and other cryptocurrencies with regard to concerns surrounding censorship, in an interview with Bitcoin Magazine NL.
During the interview, the CEO was presented with a scenario where a country like Iran had control of around 20% of all Bitcoins, but was sanctioned by other countries. Yusko was thus asked whether there would be any political issues associated with Bitcoin in the future.
To this, Yusko stated that geopolitical challenges and relationships were “clearly” going to “play a role” in the cryptocurrency ecosystem and its development. This was followed by the CEO commenting that sanctions were a form of “censorship,” and that the “nice thing” about Bitcoin [BTC] and other cryptocurrencies was that they are censorship resistant. He said,
“So, they provide a way for people who are being oppressed in some way whether it’s Venezuelan people, you know, by the Maduro regime stealing all the wealth and those people now say, ‘Local bitcoin is a way for me to actually have a store of value because my Bolivars are becoming worthless’”
He further stated,
“The Iranians saying, ‘hey I’m gonna go buy oil from China but since I can’t use US dollars, I’ll just use Bitcoin’. All of these things will happen and you know the necessity is the mother of all invention; so when you have necessity, when you need something you’ll find a way to make it happen”
The CEO concluded the subject by stating that this was one of the most important aspects of cryptocurrency as it brings together a vast group of people, entrepreneurs, and inventors actively participating in the space. This, in turn, would pave the path for ideas that would lead to the creation and development of more use-cases for the cryptocurrency.
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