Y Combinator’s President Says Cryptocurrency Should be the Basic Money Structure for the Unbanked

The president of the biggest seed accelerator in the United States has expressed his optimism and showered compliments on cryptocurrency and all its possible uses and effects on society. The president, Sam Altman, has also said that the fundamental framework of cryptocurrency is the most stable and recommended financial pedestal for the financially challenged people.

This view was revealed by Altman during a chat on Tyler Cowen’s “Conversations with Tyler” podcast where they were to deliberate on

“providing fair financial infrastructure for poor people.”

Sam Altman’s View

It is important to note that Sam Altman did not specifically point fingers at any cryptocurrency in particular but expressed his opinion to cover the general structure of cryptocurrencies in their totality. Altman believes that cryptocurrency will make available, the much-needed footing that Universal Basic Income (UBI) needs. He also expressed his thoughts with a little bit of a forecast about a future where the cryptocurrency industry is a lot bigger, stronger and more influential than the current powers that be, all over the world.

He said:

“I can imagine a cryptosystem where you see something that is more powerful than any government on Earth,” Altman said, “where you actually figure out a way to give every person on Earth a coin, and then you make this gigantic network that everyone believes in, and you can do redistribution outside the control of any government.”

He also went further to endorse a Universal Basic Income system based on cryptocurrency calling it “cool.” He said the idea of crypto UBI

“would be the most powerful network effect the world has ever seen economically, and I think that would be cool.”