The cryptocurrency market’s main goal of achieving mainstream adoption has come a long way from its nascent stages. With the involvement of behemoths like Facebook, JPMorgan and Goldman Sachs in the space, the cryptoverse has seen its dynamics change. In a recent interview with Anthony Pompliano, Bill Ottman, the founder and CEO of Minds, spoke about using cryptocurrency as a form of payment and the effect that Facebook would have on the space.
Ottman started by speaking on the issue of regulations in the space and the steps taken by the Securities and Exchange Commission [SEC] of the United States. He stated that publishing finances, whether it’s crypto or fiat, with the “SEC was cool” as bringing more transparency would make the company more trustworthy. In his words:
“We are trying to educate people on how to go on-chain with the aim to distribute rewards on-chain. I know that full decentralization is not going to happen anytime soon and neither is blockchain going to solve all the problems. The solution is to integrate decentralizations into some aspects of the daily workings.”
Anthony Pompliano further enquired about Facebook’s venture into crypto, pointing out the establishment of a blockchain team within the Mark Zuckerberg-led company. Bill Ottman claimed that the social media giant’s entry was only proving its value, and would validate the cryptocurrency industry. He added:
“If Facebook’s entry is for the good, great! Let’s go there. I have a feeling it will most likely be proprietary. The positive thing is that Zuckerberg is still young enough to understand the dynamics of the industry, so the chances of him adopting crypto are positive, just like Jack Dorsey, although he is a bit older than Zuck.”
The Minds CEO also pointed out some of the problems with the addition of blockchain technology in the social media space, one of which was deleting photos. Another loophole was the GDPR incompatibility as the GDPR does not cover the fintech industry. Ottman even spoke about the most controversial topic in the world of cryptocurrencies, proprietary products. He said:
“Don’t make proprietary products man. Just stick with the concept of decentralization and get on the same train that Bitcoin was built on.”