Bitcoin: A Curious Case of Currency Control
Steve Schwarzman, the 72-year-old CEO of Blackstone and one of the richest individuals on the planet, recently opened up about his thoughts on Bitcoin and blockchain technology. In a nutshell, he thinks that using blockchain to create money is like using a sledgehammer to crack a nut—it’s just strange. He was quoted saying, “Someone needs to control currencies,” indicating his belief in a centralized financial system where governments play a pivotal role.
A Centralized Perspective
Schwarzman’s view stems from his traditional upbringing in the financial world. Apparently, he was raised under the comforting confines of central banks and funds, where dollars don’t just float around aimlessly. Instead, someone—a nice suited figure behind a desk—makes sure that the money supply is stable and that everything runs without a hitch. He warns against the decentralized chaos that Bitcoin represents, believing that it fosters an environment ripe for criminal mischief. Who doesn’t love a game of Monopoly where the banker isn’t watching?
The Dark Side of Decentralization
In his Fortune interview, Schwarzman noted, “Bitcoin only encourages criminal behavior.” A bold claim, but he feels that the lack of oversight with Bitcoin makes it a playground for troublemakers. Our billionaire friend calls himself a “limited thinker” but insists that if Bitcoin could resolve some of these issues, such as controlling the monetary supply and cleaning up its image, then maybe—just maybe—it wouldn’t be so odd after all. But we all know that cleaning out the proverbial backyard is a much harder task than it sounds!
A Love-Love Relationship with Blockchain
Despite his reservations about Bitcoin, Schwarzman doesn’t shun blockchain technology entirely. In fact, he’s a fan! He acknowledged that it’s a great innovation that will likely be adopted widely. His only qualm? Its application in monetary creation. It’s like saying you love pizza but can’t stand pineapple as a topping—it doesn’t take away from the greatness of the base!
Contrasting Views from the Crypto World
Contrast Schwarzman with voices from the crypto community, like Anthony Pompliano. He sees the potential of Bitcoin being akin to a “loosely coordinated group of volunteers” creating a new global reserve currency. Talk about throwing out the old playbook! Tim Draper also weighed in, citing Bitcoin’s complicated nature as a major hurdle for mass adoption, yet he believes it will ultimately shine as a currency of choice thanks to messy fiat politics.
+ There are no comments
Add yours