Arthur Hayes, BitMEX CEO: Bitcoin is the best hope for private electronic money

03 Jan, 2019
by Alberto Arnaldo
Opinion
Arthur Hayes, BitMEX CEO: Bitcoin is the best hope for private electronic money

BitMEX CEO Arthur Hayes recently published a blog post titled “Two sides of the coin: the bifurcated near-future of money”. In it, the self-made millionaire and former Deutsche Bank and Citigroup trader describes once again the same convictions that led him to start trading crypto in 2013 when he lost his job.

Hayes starts the post by giving praise to WeChat Pay, an ubiquitous payment system all over China. He shows special interest for its level of implementation, as it has become the preferred payment tool even in small transactions such as food markets.

However, the Fortune list “The Ledger 40 under 40” member believes that e-money systems such as WeChat Pay incur in a major pitfall: privacy is almost non existent.

The various mobile payment systems now offered by major players in different parts of the world differ in their details. But in some cases, they know almost everything about you: what goods and services you purchase, as well as where and when you purchase them, which can presumably be linked to all the other data they have on you.”

That is the main point which reinforces Hayes’ views on the dominance of Bitcoin over all other payment systems, as he argues here:

Bitcoin, or something like it, is perhaps society’s best hope for a private form of electronic money. And privacy, I argue, is an important part of a well-functioning society. For moral and even psychological reasons, citizens deserve the ability to keep certain details about their lives to themselves.”

Hayes ends the post with something that could be read as a warning towards those reluctant to mass adoption of cryptocurrencies:

And I say this even in the face of the various centralising forces currently being marshalled: humanity’s bifurcated monetary future will be better than our monopoly monetary past, as some money becomes more convenient while other money becomes far more private.”

Read more: Once the ICO market returns, Ethereum ‘Will quickly test $200’, BitMex CEO says; Bitmex's Arthur Hayes: Crypto could be a new asset class in the long run

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