Money Will Not Be The Same Forever States Marcus SwanepoelOctober 24, 2018
Marcus Swanepoel, the Co-founder of Bitcoin Company Luno stated, “Money will not be the same forever and ever.”
Swanepoel implied that we are sitting at a point in time where the concept of what makes money is going through a transitional change.
The future of money is heading towards the global currency, where the currencies will be completely interoperable. This can happen in a hundred years from now or in just one year. This can happen with Bitcoin or Ethereum too.
Either way, the banks are going to be disrupted according to Marcus Swanepoel. This will happen either due to technological innovations like crypto or through human resources or human capital who are looking to make financial services better.
Even in the absence of crypto, there are a lot of people who are trying to build better financial services.
The existing banking system is not designed in a way to suit the cryptocurrency space. The current banking system might not be useful anymore. A new system will take over.
Swanepoel stated: “I am not anti-bank or anti-government.” If you just think about how the current banking system was built, you will see that it was built for a non-digital age.
“There is nothing wrong with the already existing financial system – it is just inefficient for the current day world in which we live.”
The current systems will not optimize themselves. Swanepoel, the crypto entrepreneur who was a banker previously stated: “things do not change.”
He further said: “It is something that comes in that is completely left-field.”
Mr. Swanepoel runs a cryptocurrency business that has its headquarters in India. They have their operations in Indonesia, Malaysia, Nigeria, South Africa, and Singapore. He further added that cryptocurrency had got the potential to make it to the needs of our everyday lives.
He further stated, “We are not building a trading or gambling company.” He further added, “What we are building is going to be useful in the long run to people for application in their day to day lives – what we build will be used for their transactions.”
“However, the reality now is that a lot of people are using the cryptocurrency to speculate and invest.” This means the price of Bitcoin has a lot of influence on adoption.
The speculation he says is a temporary thing. He states that this currency will become the reality of life in the future.
Mr. Swanepoel stated their company deals with things sensibly and realistically. When it is about cryptocurrency, he says that they are pro-regulation. He states that they are well aware of the importance of pursuing regulation when it comes to working with banks. He further stated that they conservatively built their company.
“We have been working with regulators ever since we began the business.”