Premier of Bermuda: Crypto Assets Balance Out the Powers of ‘Big Tech’ and Government

Edward David Burt, the Premier of Bermuda, has recently affirmed that cryptocurrencies can work as a great equalizer against “big tech”. He affirmed this during a recent interview with Forbes. According to him, cryptos are important to ensure that citizens are not at the mercy of big corporations and the government.

The Premier has a background as a programmer and entrepreneur, so he is pretty excited about the prospects of Bitcoin. He affirmed that crypto can be used to make a society that is more equal and that micropayments will completely change how the technology landscape is today. His direct quote was;

“Facebook and Google make money because they have your data, but they don't pay for access to your data. However, when you talk about the ability to have infinitesimally-sized pieces of value so someone can pay you […] for using your data … […] the promise of cryptocurrency is to actually take power away from those large companies.”

Today, he affirmed, large companies such as Facebook and Google are able to make a lot of money by selling the data of the customers. Cryptocurrencies can be used to take that power away from them, as they would, for the first time, have to ask permission to be able to sell the data, and pay something back to the people.

Despite not trusting Facebook, he did affirm that most regulators were too afraid of the Libra and that they should be focused on innovation instead of pushing it back. According to him, you simply can’t stop the future and trying is a futile effort.

During his interview, he also talked about how fintech innovation is important for the national strategies of countries. According to him, the industry is growing in Bermuda and seeking talent abroad, as the government understands how important it is for the economy to invest in this nascent industry. Adding;

“Whether it's Libra, when we talk about ICOs and different things, the fact is that it's no different from when stocks and bonds were startup financial services.” […] “It's going to happen. The Internet can't be shut off.”