Marcus Swanepoel, the co-founder of Bitcoin company Luno, spoke about Bitcoin along with other cryptocurrencies and how they could be the catalyst for a new financial order, which would eventually overthrow the existing systems. In an interview with Express.co.uk, Marcus stated:
“I believe we happen to be sitting in the middle of one of these changes. 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 the future of money will involve some kind of global currency that is completely interoperable.”
Marcus stated that he was not against the banking sector or the government, however, the banking system was built during a “non-digital age”. He further opined that the existing financial system was not flawed, but it was rather inefficient in “world we live in today”.
According to him, cryptocurrencies had the potential to become a useful part of individuals “everyday life” where their daily transactions could be made much simpler. He added that individuals were currently interested in speculating and investing in Bitcoin [BTC], which has resulted in its price becoming a major factor for widespread adoption.
Marcus also stated that his company worked in a “pragmatic” way where they realized the importance of working with financial institutions along with pursuing regulation. He stated:
“We are one of the more pragmatic players in the industry because of the conservative way in which we built the company… We have been working with regulators since we began the business.”
According to the post, Nicky Morgan, a Member of Parliament of the United Kingdom, had warned individuals that cryptocurrencies were operating in the “Wild West” industry and it required immediate regulation.
She added that the cryptocurrency market was prone to vulnerabilities such as hacks, money laundering, and price volatility. Thus, the Treasury Committee recommended the introduction of a regulatory framework. Mrs. Morgan stated:
“It’s unsustainable for the government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting.”