Peter Vessenes, chairman of the Bitcoin Foundation Believes Samsung Electronics Will Benefit a lot from Bitcoin

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Peter Vessenes, chairman of the Bitcoin Foundation Believes Samsung Electronics Will Benefit a lot from Bitcoin

Peter Vessenes, chairman of the Bitcoin Foundation believes that Samsung Electronics will benefit a lot from Bitcoin as according to him at least half a billion U.S. dollars, up from $10 million two years ago, will be spent on purchasing Bitcoin mining systems (built using highly efficient chips) worldwide next year or in 18 months.

He says that his organization is committed to promoting the use of the digital currency around the world. According to him Samsung Electronics, a chip-making powerhouse, will likely benefit the most as the global market for the digital currency Bitcoin grows further down the road. His views came to the media when he addressed a news conference.

The news conference held on the sidelines of the Daejeon Global Innovation Forum, a global tech conference taking place in the city of Daejeon from Wednesday to Thursday attracted a lot of people who put their views on various innovative solutions including of payment methods like digital currencies that are transforming the way money has been conceived.

Samsung is going to Gain the Most

Peter Vessenes believes that much of the money will go directly to foundries with the highest technology in the world, including Samsung, Intel and TSMC; however, Samsung Electronics are going to benefit the most as it is one of a few chipmakers capable of producing 10-nonometer-class chips that are in demand among miners.

Nonetheless, as obtaining Bitcoin requires an enormous amount of computing prowess, those who want to get their hands on the digital currency must be equipped with cutting-edge chip technology and computer systems. Samsung Electronics being the most efficient chips producer will make far more money than other companies.

According to him, Bitcoin has the potential to become a global settlement currency, and something that might compete with the dollar as a way those countries and businesses outside the U.S. could settle their debts with each other. South Korea is not new to Bitcoin as earlier this year the country got its first BTC as well.

The BTC ATM is produced locally by a home-grown company, was two-way, meaning users can also sell Bitcoin and withdraw cash. The Bitcoin Foundation is in discussions with Korean firms and financial authorities about setting up a Bitcoin foundation in Korea to further expand the reach of digital currency.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com