Paul Sztorc calls himself the "Bitcoin expert's expert." Now a researcher and blogger at Truthcoin, Sztorc bought his first Bitcoin in 2011. He joined Roundtable at Bitcoin Miami to talk about the evolution of the blockchain and how Bitcoin can transform money as we know it. In this segment, Sztorc explains his vision of how Bitcoin may one day overtake other forms of currency.
Sztorc calls Bitcoin "the greatest performing asset in the history of capitalism." While outsiders may be deterred by its volatility, he argues that that comes with the territory.
"No risk, no reward, right?" Sztorc said. "How can you get from a very low value to a really high value? You can't get from zero to $50,000 without there being some volatility somewhere."
Sztorc believes that Bitcoin does have the potential to displace every other form of money, particularly because of its security and the faltering of major fiat currencies and inflationary pressures. If Bitcoin were to replace government-backed currencies, he surmised, a single Bitcoin would be worth $20 million.
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"It's so bizarre that a lot of people feel uncomfortable saying it out loud, because it sounds very hubristic to get up there and say, every single thing on the planet is gonna be devoured by this," he notes. "[But with cryptocurrency] you can memorize 12 words and you have control over your entire financial life. No one knows how much money you have. And if they find out, they can't take your money away from you."
Watch the full discussion below:
Paul Sztorc, Researcher, Truthcoin