Arthur Hayes Says Bitcoin is Society’s Best Hope for Private Electronic Money

The CEO of the cryptocurrency exchange and platform BitMEX said that Bitcoin is one of the best hopes for the society to have private digital money. The exchange is one of the most important trading platforms available in the market. He gave these comments in a blog post released on January 3.

The blog post is titled ‘Two sides of the coin: the bifurcated near-future of money’ and it talks about how virtual currencies can change the future of money. According to Hayes, central bank digital currencies (CBDC) are going to play an important role in the future.

He talked about one of the most popular applications used for payments WeChat Pay. This platform has been growing in China and it revolutionized the payment industry in the country. Using a simple application, users can pay for goods and services anywhere in the country.

This is why he believes that these platforms are currently disrupting traditional fiat payments. However, these platforms know everything about individuals, what they buy, when they do it and more. These companies can link that data with other that was previously gathered or from other platforms. Indeed, the Chinese government is currently trying to create a social credit system with the information provided by these firms.

This is why BitMEX CEO is worried about this issue and highlights the risks involved. He wrote about this:

“At the same time, we’ve seen our governments in the West, when the spirit moves them, lean hard on our corporate friends to cough up our personal information. Unsurprisingly, the corporations tend to comply with these requests.”

In general, corporations must comply with these requests if they want to keep offering services in these markets. This is why Bitcoin (BTC) and other virtual currencies are so important. Bitcoin works in a network that has independent and self-interested actors. Although addresses and transaction history are visible, it is not necessary to display sensitive information on these addresses.

There are other cryptocurrencies such as Monero (XMR) or ZCash (ZEC) that offer even better anonymity features, taking care of users’ privacy.

“[…] Bitcoin, or something like it, is perhaps society’s best hope for a private form of electronic money,”

explained Hayes.

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