The growth and continued support of cryptocurrencies especially Bitcoin is unstoppable. This revolutionary technology is making way into the mainstream world and top leaders and influential persons are fueling this development.
In an interview with Forbes, Garry Kasparov, arguably the most influential chess grandmaster who once played against the Deep Blue supercomputer, stated that cryptocurrencies will give back the people, control over their money unlike traditional where it is regulated either by state corporations or outside parties.
Kasparov believes that not only will cryptocurrencies be the solution to the demand for privacy in financial markets, they will also be very valuable assets in the storage of value for people.
“The good thing about Bitcoin is that you know exactly the number — the magic number of 21 million, But when you look at the other side, the Fed, for instance, you never know how many trillions of dollars will appear on the market tomorrow that will damage your savings.”
This statement reiterated the challenge of government-controlled currencies which are subject to inflation based on the lack of control on the governments’ ability to print money aimlessly as it has been observed previously by economies such as Zimbabwe.
With bitcoin, there is a globally set and accepted limit of the number of coins that can be generated and thus its value is stored, a feature that recurs with all cryptocurrencies.
The grandmaster who is also a chair with the Human Rights Foundation, notes that cryptocurrencies will be very fundamental in the shifting of power from states and corporations that may act on our privacy without our consent back to individuals.
This aligns perfectly with the organization’s purpose of using technology and digital innovations to protect those whose freedoms are threatened.
If great minds like Kasparov believe in the power of cryptocurrencies, I think it’s high time for the common mwananchi especially the younger generations, to dive in and see what this amazing technology can do for them.