Electronic currency is coming in full force. Will Bitcoin replace paper money in the future?

Barry Silbert, founder and CEO of Bitcoin investment firm Digital Currency Group (DCG)   In an interview with Fox TV about whether Bitcoin will replace paper money, Barry Silbert said that Bitcoin will change the way people pay and even make people think about the concept of money. Bitcoin will, to some extent, redefine the concept of money.

Silbert has investments in more than 20 countries. He believes that Bitcoin is most likely to be used first in areas where people can use mobile devices to complete transactions but the banking industry is underdeveloped, such as Kenya, Argentina, Brazil, South Africa, etc. At the same time, he also discussed how much impact some current regulations will have on the development of Bitcoin.

Silbert said regulators are already paying attention to Bitcoin. He used to think that existing regulations would be the biggest obstacle to Bitcoin's development, but now he thinks it is the biggest opportunity. Running a bank or opening a new bank may not be a breakthrough. You still think under the rules of the existing system and there is no innovation. But Bitcoin is different. You can set up thousands of non-intermediary institutions around the world, which is a disaster for the banking industry.

There are only 5 billion bitcoins in the global market, so Hilbert believes that the technology related to bitcoin has high value. At the same time, he said that whether bitcoin is worthless in the future or appreciates significantly, the investment risk of bitcoin as an electronic currency is quite high. At present, although the electronic currency system of the bitcoin industry is still under construction, it is very promising, and the venture capital of the bitcoin industry has reached 1 billion US dollars . In addition, he also explained how bitcoin will change the financial services industry in the next five to ten years.

Hilbert said that people's definition of banks will also change in the future. The banking industry is currently facing disintermediation and many aspects of the banking industry are suffering.