ForexMinute.com – LinkedIn Founder Reid Hoffman recently acknowledged Bitcoin for being a futuristic tool to being banking facilities to unbanked regions around the world.
Speaking at this year’s World Economic Forum in Davos, Hoffman discussed how digital currencies could develop the international economics, even by being implemented at a small scale level. To elaborate his point, the entrepreneur made a reference to financial transactions one needs to make while driving, such as paying for tolls, parking, etc. and how Bitcoin could be an important tool in doing so (just like New York suggested).
“Bitcoin will either be a total failure or it’ll be a success and I think we want it to be a success,” he summed up.
It was indeed a moment of triumph for a digital currency which was recently being shelved by critics due to its tumbling value. The strong distrust regarding Bitcoin however seems limited to trades only, because on a technological level, it is surely winning the hearts of many professional economists and entrepreneurs. Just a few days back, Federal Reserve Bank Vice President thoroughly supported the idea of implementing Bitcoin’s public ledger in their existing banking system. Microsoft Founder Bill Gates, whose company recently started taking payments in Bitcoin, also advocated its technological capabilities.
“[Digital currency] requires a little bit of work getting the regulation right, getting the critical mass, getting people to trust it, but the magic of that cellphone with the right software means that [unbanked] people have banking, and that’s really big for their lives,” he said.
Even with all the moral support, Bitcoin still has to travel a long way ahead to gain adoption from every sector and class. But at least, it is on the right path.