The proponents of the cryptocurrency market have had a major role to play in directing the flow of mainstream adoption within the industry as well as integrating its benefits with the financial ecosystem. One such proponent is Stephen D Palley, a partner in the Washington DC office of Anderson Kill, who has voiced multiple opinions about the world of digital assets, especially Bitcoin [BTC].
In the latest Keiser Report with Max Keiser, Palley talked about his introduction to the world’s largest cryptocurrency and talked about the cloudy atmosphere surrounding the industry right now. The lawyer stated that he initially considered digital assets because of the need to settle lawsuits that did not involve a defendant and others. In his words:
“I actually wanted a program to settle third party number lawsuits and that is how I got into the world of digital assets. I slowly ended up with a centralized database and that’s how I found Bitcoin. Truth be told, I am a better lawyer than a programmer. “
Palley claimed that the notion of a trustless escrow was really good because there is no person in between the sender and the receiver. He further added that the main aim was to program money to move without even having an account or an escrow. The Anderson Kill partner went on to say:
“Another problem was sending small amounts of money and that is where I think digital assets can really help. Micropayments can be a sector that can greatly benefit from Bitcoin and the movement of other cryptocurrencies. “
Stephen Palley also touched on the regulations in the cryptocurrency industry and stated that people should consider it with an open mind. He compared the sentiment of the public towards Bitcoin to that of the reactions of people when electricity was first discovered. He said:
“No one was really shocked and against electricity when that was first discovered around 150 to 200 years back and that should be the same way we approach Bitcoin too.”