nChain’s Craig Wright Talks Bitcoin Finances And Future With Power Lunch In East Africa
In an interview with CNBC Africa, Dr. Craig Wright – Chief Scientist at nChain was asked if the crypto market is reaching global saturation limits. The question was absurd and showed that the host wasn’t prepared to interview Wright. However, in an elegant manner, he went ahead to answer the question.
He started by saying that the crypto market is very very early in its inception, still at a nascent stage. The BCH proponent pointed out that crypto is just a fraction of a percent of global trade, so of course, that market is still there. The confusion arises, especially in mainstream media because of speculations and people doing speculative day trade. At the end of the day, for most people out there cryptocurrency is just a fancy way to gamble.
That’s not the kind of adoption Mr. Wright wants to see. What he wants to see is an actual trading unit or a monetary unit. Once crypto enables the ability to trade, create transport, logistics or tracking systems, for big and small companies alike, then cryptocurrencies would have only announced coming to the mainstream, much less being saturated.
“A global monetary system that enables trust enables escrow, enables the ability to monitor every little problem in the global supply chain which enables people to actually hedge into their life, that’s the promise of cryptocurrencies.”
Wright, who is speculated to be Satoshi Nakamoto, went on to say that right now there are many differences within the crypto industry which can be exploited, just like the westerners exploited the differences between tribes of Africa. If we are to see any progress we should stop blaming people but rather trade with them. Trade not only opens up a richer world but a world which is more interactive.
The only financial advice Craig offers is not to care about the next few months but care about the next 20 years. In those 20 years, he wants to safely, surely but surely build solutions that will take Bitcoin to a global payment system with smart contracts and tokenization of goods and services.