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Roundtable Interview: Peeking into a Crypto Future of Micro-Mining and Bitcoin-Pegged Fiat

Crypto entrepreneurs Bobby Lee and John Stefanopolous discuss the possibility of a global financial system anchored by digital currency.

Among the things slowing down the mainstream adoption of crypto usage and mining are concerns over complexity, energy use, security, and direct control of assets. During Bitcoin 2022 in Miami, Roundtable hosted a conversation with cryptocurrency entrepreneurs Bobby Lee, founder and CEO of Ballet, and John Stefanopolous, founder of FutureBit, to assess these problems and explain how their companies are working to accelerate and increase participation. In this segment, Lee and Stefanopolous discuss their visions of the future of crypto adoption.

John Stefanopoulos notes that a major obstacle to crypto adoption is the difficulty of mining, an issue that his company, FutureBit, is looking to solve with devices that anyone can use.

"The first step is making devices that people can actually run," he says. "Our devices are a standalone device. You just plug it into power, it powers up, you go to a website, configure it, you're up in mining in five minutes."

While anyone can mine bitcoin, Bobby Lee points out, not anyone can print money, and the volatility of fiat currencies poses yet another argument for crypto adoption and even a crypto-standard economy.

"Today the monetary system is on this sort of fake gold standard, where the U.S. dollar is no longer backed by gold, but we have all the global currencies all sort of linking to the U.S. dollar," he says. "It's a self propagated system where they try to prop each other's fiat currencies. I think that's really problematic."

Lee also predicts that governments may soon begin to challenge that paradigm. 

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"I think we have a chance where down the road, maybe starting with El Salvador, more and more countries will start to peg their currency to something solid, fundamental. Aside from gold, I think Bitcoin is a natural choice."

Watch the full discussion below:

Roundtable Guests:

John Stefanopoulos, Founder, FutureBit

Bobby Lee, Founder and CEO, Ballet