Russian chess grandmaster Garry Kasparov is a supporter of blockchain, cryptocurrencies, and Bitcoin in particular. In a recent interview, he outlined some of the digital assets’ merits, including increasing personal protection and allowing people to reclaim control over their finances.
Kasparov Believes Bitcoin Is Here To Help
Arguably the greatest chess player of all time, Kasparov spent 225 out of 228 of his active months as the world number one. Upon his retirement in 2005, the former multi-time World Chess Champion became a writer and a political activist.
In a recent interview with Forbes, Kasparov also indicated that he is a supporter of cryptocurrencies. Firstly, he demonstrated an excellent understanding of BTC and its maximum cap – “the good thing about Bitcoin is that you know exactly the number – the magic number of 21 million.”
Kasparov highlighted the primary cryptocurrency’s limited supply as a major benefit, especially when compared to world governments’ current actions and the US Federal Reserve in particular.
“We understand the formula behind that [BTC’s limited supply.] But when you look at the other side, the Fed, for instance, you never know how many trillions of dollars will appear on the market tomorrow that will damage your savings.”
Interestingly, his opinion coincides with popular hedge fund manager – Paul Tudor Jones III. Jones recently said that he’s buying Bitcoin to fight the potential consequences of the so-called stimulus packages, in which the Fed printed trillions of dollars in a few months.
Bitcoin Is Inevitable
The prominent chess player believes that blockchain and cryptocurrencies are “not inherently good or bad” because they are newly emerging technologies. It all depends on the individual or organizations that employ them. He added that there’re lots of misconceptions and misunderstandings about digital assets.
“You can use nuclear technology to build a bomb or a reactor. Now, we hear a lot about the potential downsides of cryptocurrencies because they can help bad guys steal money. Actually, these fears are overrated.”
He asserted that there’s an ongoing privacy crisis as governments are gaining more and more control over people’s lives, including finances. As such, technological advancements such as cryptocurrencies are “always welcome” since they can “offer us the opportunity to take back control or some control of our privacy.”
“That’s why I think the steady rise in popularity of Bitcoin, other cryptocurrencies, and blockchain technology as a concept is inevitable because it’s a response to the shift of power from individuals to states or other institutions that may act on our privacy without our consent.”
Featured Image Courtesy Of CBC