Bitcoin will help replace the existing financial system, expert says

24 Oct, 2018
by Joeri Cant
Bitcoin will help replace the existing financial system, expert says

Marcus Swanepoel, the co-founder of Bitcoin Company Luno and cryptocurrency specialist, spoke to the, where he said that 'money will not be the same forever and ever'.

Swanepoel claims that the existing financial system is not equipped to handle the digital age and that a new financial order will replace the current one. According to him, the future of money is heading towards the global currency, where the currencies will be completely interoperable.

The co-founder of the Luno bitcoin firm believes that the catalyst for this could be from bitcoin or other digital assests.

'I don’t know if it is going to be Bitcoin or Ethereum, or if it is going to happen in a hundred years or one year.'

But 'one way or another the banks are going to get disrupted' he said, 'whether it is through crypto or the sheer human capital that is now wanting to make financial services better.'

Swanepoel was quick to point out that he isn't anti-bank or anti-government. However, '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 crypto expert further said that things would not change by the existing financial systems trying to optimize themselves. 'This would mean that there is every possibility of crypto entering into everyday lives' Swanepoel said.

Swanepoel, who runs a global cryptocurrency business headquartered in London, with operations in Indonesia, Malaysia, Nigeria, South Africa and Singapore, said that cryptocurrency will become the reality of life in the future.

'We are not building a trading or gambling company. 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.'

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Read more about: Bitcoin (BTC)


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