Rick Falkvinge, the founder of the world’s first pirate party, discussed the revolutionary potential of bitcoin and cryptocurrency while speaking with RT on Monday. Mr. Falkvinge recently issued a satirical ‘manifesto’ for bitcoin cash in which he claimed the title “Chief Executive Officer of Bitcoin Cash” to emphasize the permissionless nature of the network.
Mr. Falkvinge Describes Bitcoin As “A Huge Wealth Transfer”
Rick Falkvinge was asked by RT to discuss the ramifications of cryptocurrency’s growing popularity, with the Russian state-owned media organization describing bitcoin as a “new gold rush” and the potential catalyst for a “radical financial revolution.”
Mr. Falkvinge states “bitcoin right now is a huge wealth transfer to those who understand its implications early on. The last wealth transfer of this magnitude was around 1850, and it was about those who’d found oil.” Mr. Falkvinge describes said “wealth transfer” as having broad implications for capitalism and technological innovation. He states “those who used to be poor, nerdy, geeky… are suddenly the new millionaires. And that… is going to have a profound effect on what the future of our society looks like. Because for the last 200 years or so, it were the people who found oil that decided where money went, what research was made. And when the geeks and nerds are sitting on that money and deciding what research gets made – it’s not going to be a better diesel engine. It’s going to be a better solar panel.”
Mr. Falkvinge describes bitcoin’s trustless protocol as significantly altering the dialectical relations between persons, stating “when I’m buying a bottle of water with a credit card someone in the background there’s a bank giving me permission to buy a bottle of water with a credit card. And that is a horrifying thought. Because that means that the bank can also deny me permission to buy a bottle of water… With bitcoin, this is not true. There is nobody needing to give permission in the background. There’s nobody who gets to say no to a transaction. No money can be forced. No money can be seized. And here’s a big problem for governments in the future. Taxes can no longer be forced.”
Rick Falkvinge Expects That Bitcoin’s Price May Reach Seven Figures
Mr. Falkvinge predicted that bitcoin would see thousandfold price gains back in 2011. Despite such, he still believes that bitcoin’s price can continue to climb, stating “if cryptocurrency fulfills its promise – and there’s no indication it wouldn’t – then the equivalent of one bitcoin needs be in the 2 to 5 million dollar range,” adding “at that point, it won’t make sense to measure it in US dollars because USD won’t have any measurable value.” Nevertheless, Mr. Falvkinge states that bitcoin “is a really risky investment,” emphasizing that “nobody should ever invest in more than being capable of losing every single last cent of it.”
When asked of bitcoin’s shortcomings, Mr. Falkvinge states that the cryptocurrency “is too complicated, it is not usable enough at all.” He likens the introduction of the new technological phenomena as comparable to the introduction of electricity in the 1920’s, emphasizing that challenges associated with creative destruction are common with the roll-out of groundbreaking technologies.
Regarding concerns pertaining to the anonymity of bitcoin, Mr. Falkvinge states “it is more traceable than any money that came before it because every single unit of bitcoin is traceable through its entire monetary history.” When asked about bitcoin’s potential to be used for illegal activities, Mr. Falkvinge responded by stating “I’ve never heard somebody arguing against the existence of the US dollar with that argument. If you’re going after drugs and narcotics trade, then the US dollar is unparalleled in use.”
What do you make of Mr. Falkvinge’s views on bitcoin and cryptocurrency? Share your thoughts in the comments section below!
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Author: Samuel Haig