Cryptocurrencies are the future and could replace the dollar in 10 years, says chess grandmaster Garry Kasparov | Currency News | Financial and business news
- Cryptocurrencies are the future, said chess grandmaster Garry Kasparov.
- He told Coindesk they could replace the dollar within 10 years.
- Kasparov said they offer protection against inflation, although critics are skeptical.
Chess grandmaster Garry Kasparov said he wouldn’t be surprised if cryptocurrencies replaced the dollar in 10 years, and hailed digital assets as the future.
Kasparov, considered by many to be the greatest chess player in history, told Coindesk on Monday that he believes cryptocurrencies such as bitcoin are “digital gold” and can hold their value as inflation rises.
In particular, he said cryptocurrencies are a good tool for people to fight against what he sees as excessive government spending, which he says leads to high inflation that erodes the value of assets.
“In democratic countries in America and Europe, trillions of dollars will be printed,” he told the crypto news site. “I’m not happy to see that the government has carte blanche to use my taxes, mainly to devalue [the dollar]. “
He added, “I think it’s very important that technology gives me an opportunity to fight back, to protect my hard-earned fortune. And I think bitcoin – which I believe to be online gold – and other cryptocurrencies is the way of the future. .
“I’m no financial expert, but I wouldn’t be surprised if, in 10 years, the dollar is replaced by the basket of coins as standard.”
The idea of bitcoin and other cryptos like ‘digital gold’ that can hold their value has gained credibility over the past year as investors seek assets that offer protection against the highest US inflation. since the 1980s.
Proponents say bitcoin is rare – only 21 million coins can be “mined” – like gold, and is therefore more likely to hold its value than other assets.
But critics argue that bitcoin and other cryptocurrencies are far too volatile to be reliable stores of value. They point to the bitcoin “winter” which saw the price drop from around $ 20,000 in late 2017 to around $ 3,000 in early 2019.
Kasparov, opposing Russian President Vladimir Putin, has long supported crypto and bitcoin projects. He told Coindesk that he first got involved through the Human Rights Foundation, which advocates cryptocurrencies as a way for people to get funding without government control.
In December, Kasparov published a series of non-fungible tokens – works of art or collectibles whose ownership is verified using cryptographic technology. They feature images from major moments in his life, such as the famous chess match against IBM’s “Deep Blue” computer in the 1990s.