Investor and venture capitalist Preston Pisch says Bitcoin (BTC) is the key to solving the problems that plague the modern economy.
In a new YouTube interview with Natalie Brunell, Pysh says the global financial system is fundamentally flawed as the government can issue currencies without a “global peg,” or a reliable asset that guarantees its value.
Pysh argues that Bitcoin is the only asset that can address the root cause of currency collapse and repeated market meltdowns.
“The problem with the world was that there were no global pegs. There were no global pegs that we could trust. That was the problem. That’s why Fiat continued to expand. So, the reason we got these crazy ratings is that we just print more money and it’s blown away and we can’t trust the underlying basic unit.
So there were no pegs. That’s what Bitcoin was solving. ”
Pysh also believes that Bitcoin’s main function is to act as a valuable repository, and its use as a media like cache is secondary.
“How do all these governments come to the collective consensus that everyone can trust each other when they are competing to de currency? There was no solution.
People were telling me, “Oh, it’s going to be the IMF and (that) special drawing rights and everything else.” And I was, “I don’t think so. I don’t think it will solve that.”
So I think Bitcoin “Finally, there’s something that really solves this huge, huge engineering problem…
I think you need to have a valuable storage first and continue to value for a store of valuable assets before people want to make business transactions or daily payments.
At the time of writing, Bitcoin is trading at $95,956.
https://www.youtube.com/watch?v=5klgtxpodd4
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