Bitcoin enthusiast was on CNBC earlier today talking how the mainstream coverage of cryptocurrency has been a positive event for the crypto community in general. He reiterates the technology will continue to develope and brings up the fact that transaction fees alone are appealing for Bitcoin users vs the traditional banking system products like credit cards.
Check out clip from CNBC below, we’re also including the transcript in case you can’t see the video. All rights belong to CNBC and please refer all credits to CNBC.
do you consider this week of a bruising for crypto at Larger or not?
No, actually, actually, it’s bringing it the light. I think,
it’s good to have people talk about it because the more they talk about, the more they realise how important Bitcoin is gonna be for the planet.
For all of us that way won’t have to pay two and a half to four percent. Every time we swipe a credit card, we’re gonna have an open currency that we can move from place to place easily.
I think we’re all gonna be better off once people start to really understand what’s going on. This is one of the best things that’s ever happened to us. It’s one of the greatest opportunities we’ve ever had.
And so Bitcoin and the decentralisation of the world in the opening of the world are going to be terrific for all of us. I think the world’s gonna be a much better place. You wait ten, fifteen years, we’re gonna end up with one great world and the borders they’re going to be much more…it will be much more frictionless to do business around the world, and we’ll all benefit from it.
What about the argument that we’re really now in a post Bitcoin environment when we’re talking about crypto? I mean, on the one hand, yes, Bitcoin was the brand associated with cryptocurrency, but on the other, it’s been kind of volatile. You’ve got Facebook now, at least putting Libra forward, it seems inevitable that governments are gonna put some level of regulation on crypto currency, even if they embrace it. Is it time to get beyond talking so much about Bitcoin when we talk about crypto?
I think it’s just the opposite. I think all these other cryptos are bridges, to, where we have a Bitcoin environment. and I think the governments are all trying to figure it out. It turns out that you know, our our government has a lot of heavy regulators and they’re all trying to get involved here, and that’s slowing down the US we have where other countries I mean, why is Libra in Switzerland? Why, why did all these other cryptocurrencies get started in Gibraltar, Malta or somewhere else?
It’s because we have so many regulators and so many people getting involved before we’re able to innovate,
I’m afraid, they’re all this incredible innovation that’s happening around Bitcoin the Blockchain Smart contracts, Open node. All of these extraordinary things were happening out there and they’re going to go to other countries.
if we don’t. If we don’t open up and we start realising that hate, let’s let some of these things happen. Let’s let people open up and see how things go because it.
otherwise we’re gonna lose. We’re gonna lose a lot of innovation here in the U. S. And all that. All those great innovators may leave.
What is there to be some level of regulation here? I mean, we’ve seen through Facebook, Cambridge Analytica on other incidents. What happens when there aren’t some guard rails on data on the Internet? In general, personal data? I mean, what sort of personal?
information or data is more valuable than digital currency?
I know you’re for openness. I think you’re letting a thousand million flowers bloom, But don’t the gardener’s here.
Well, I think what’s happening now is that we’re putting regulation before the innovation.
Facebook’s just announced libral. They haven’t even been able to ship it yet, and the.
regulators are all over him. I mean, let him ship the thing. Let’s see how it happens.
Let’s let things wrap. Let’s let things roll And then if there’s a problem, then great. Now it’s time for regulators to step in. Yeah, if there’s if there’s something that’s hurting humanity. Actually, I think the things that are hurting humanity or all the regulations, they’re keeping us from all these amazing innovation.
So when the Treasury secretary and I think he was referring specifically to Libra,
said, it’s based on thin air. I mean, have you have you addressed your concerns with the administration, at least on their level of doubt?
dollars based on paper and the promise of a government.
way have long since left the the.
the economy that uses shells or gold or even the promise of gold.
We’re way past that.
Ah, currencies are are,
ethereal and the values of currencies have to do when with people, um,
honouring them, trusting them.
And that trust is there for Bitcoin and the trust will probably be there for Libra.
if the government lets lets it happen. And I think I think we’ll all be better off. We won’t have to pay the banks two and a half to four percent. Every time we swipe a credit card will be able to move our money across borders. Like if the If you’re in Libya and the military comes in and shoves you out of Libya, you got a bunch of Libya Libyan currency. You’re not gonna be able to use that in Greece. So you’re stuck in your refugee. If you had Bitcoin, you’d be able to move across that border, pull down your big point and start your life again.
I think this is a major opportunity. The world has has never seen anything like it. I think the geographic borders air falling. And I think that makes a lot of government.
officials become a little nervous because they they built their power on the fact that we’re all tribal. But we’re global now. The world is opening up and governments have to compete for us. Governments have tto have to think how how can I provide good service to my community? To my ah?
society? How do I How do I make my community mohr?
They’re gonna have to think more the way businesses think. Businesses think. How do I provide a better service for my customer. I think governments are gonna have to start doing that. Or there they will lose the innovator that lose all the progress humanity has in the future?
Certainly. Yeah. Those are the arguments were getting from a lot of supporters of the concept of large. Finally, Tim, I don’t want to have you on and ask about Sarah knows every single time. But viewers are legitimately curious about whether your views of Farrah knows or homes has have evolved since we last spoke to you.
Oh, I think it’s pretty much it’s pretty much the same. We’re.
We’re very happy continuing. Draper Associates were continuing to innovate fun new entrepreneurs, good entrepreneurs that come to us and say, Hey, I’m going to transform health care as we know it. I’m going to take people to Mars. I’m gonna I’m gonna do extraordinary things. I like backing those people. I will continue to back those people and.
you still included. And I think,
actually, and I think that that that.
Sarah knows actually did open up a great industry. They’re not gonna benefit from it, But But we’ve seen fifteen other start ups. They’re all using similar technology. So our blood tests are going to be much easier and.
and we’re gonna be able to keep track of our blood tests over time. So we’re gonna know whether our.
are what’s happened to our blood over time. Blood, glucose level, vitamin D levels, whatever happens, and we’ll, we’ll be more aware of our health. And I think date is gonna be a much bigger part of health care.
I think we’re gonna be in a.
situation. We got a company called Cloud Medics that actually outperformed the average doctor on the test. The doctor test.
They ended up,
scoring in eighty five, whereas the average doctors scores a seventy five on the test. That diagnosis people. Based on the complaints they have,
there’s all that data. All that data is going to be incredibly powerful as a diagnostic tool. And it won’t just.
medical records. It will be your genetic history and your blood test results in your Fitbit results and what you had for breakfast. What seat you sat on the aeroplane. All that information is going to be available. And so we’re gonna have much better diagnostic tools than any doctor could possibly provide by asking a thousand questions. This is gonna be really interesting. And health care as we know it is going through a rapid change. This is really exciting.
And I think.
I think the transformation of health care and the transformation of our society through the decentralisation are two of the major themes that we’re gonna be using. It Draper Associates going forward.