“People are starting to question the system of fiat money. […] It’s wrong to neglect the technological progress which is going on with the crypto currencies.
Of course, gold is a physical metal while bitcoin is a man-made system but in terms of hard money bitcoin is an even harder money than gold in the medium term,” Valek claims.
The economist also believes that the popularity of cryptocurrencies is due to the growing mistrust of the financial system by the young generation.
“Another indication is the crypto phenomena which is embraced by the younger generation. They think perhaps if really this whole fiat system collapses when I’m at pension age I may be able to save myself from the economic point of view if I have a few bitcoins. That’s also a part of mistrust in the social contract,” Valek suggests.
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