Crypto Savant Bobby Lee Says Bitcoin (BTC) Is Coming to Replace the Conventional Fiat System
There are moments in history where the entire civilization surely knew they were part of something spectacular. Be it the first humans who designed the wheel, the inventors who harnessed steam power or the makers of the first micro transistors. Today, the digital revolution has taken the next logical iteration with blockchain and crypto assets. For more than two millennia, the barter system was improved upon. However, we have now reached a stage where money is no longer based on actual value. A fact hardly lost on Bobby Lee, co-founder of BTCChina and a board member of the BTC Foundation.
In a recent interview, Bobby discussed at length his views on the traditional financial system and how he feels that Bitcoin is a viable alternative to the existing monetary setup. He pointed out the biggest flaw in today's financial system, “Our fiat money today is actually debt-based, as opposed to history where we used to be on an asset-based money system: Gold and Silver”. This he feels will be its undoing.
1/ I gave an interview today to a #HongKong publication, and they were asking me about my views and outlook of #Bitcoin (price predictions), and also my outlook about the global #economy & #stockmarket.
Here is a summary of my outlook:
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) October 25, 2018
The crypto mogul feels that we are on the cusp of a cyclic trend with imminent interest rate hikes. This would be the effect of high inflation, in turn, caused by the overprinting of money, since the global financial crash. He foresees this causing a larger budget deficit and making matters worse as the gulf between expenses and revenue will widen. Bobby opined that the government will react as they always do: “This will mean even more money printing, globally!”
The government, in order to reign in the budget deficit, will further borrow and print money, which will be“a train wreck waiting to happen, on a global scale! Central bank issued and debt-based fiat money could come to an end.” This vicious cycle will be unsustainable and cause the whole system to collapse on to itself. Fiat money, according to Bobby, that the governments world over converted to, is destined to end in ignominy and the black hole of hyperinflation.
The graduate from Stanford feels that the only viable option is blockchain based. He says that digital, decentralized and asset-based “ money” is the only solution to counter the traditional financial system. It might not be tomorrow but the near future will witness technology overthrowing the traditional system and he feels Bitcoin will be at the forefront of that revolution.