• Steve Forbes predicts that Bitcoin and blockchain technology will overcome the obstacles that governments will put in place to prevent its widespread adoption.
• Forbes views Bitcoin and cryptocurrencies as a "high-tech cry" for help in times of inflationary policies by central banks around the world.

In an interview for the Center for Natural and Artificial Intelligence, the president and editor of Forbes Media spoke about the future of Bitcoin and blockchain technology. Forbes called cryptocurrencies a “high-tech cry” for help, a means of protecting themselves from the instability created by the pandemic crisis and reinforced by inflationary policies applied by central banks. According to Forbes, these policies have made the situation worse:

We have to see cryptocurrencies as a high tech cry to help against government instability by printing money today. Blockchain provides the architecture of cryptocurrencies.

Bitcoin's big mistake

However, Forbes has not stopped praising Bitcoin and the technology behind it. He also pointed out, contrary to his previous statements, that the mistake that cryptocurrencies have made so far is the lack of stability. The editor of Forbes Media said:

You take a Bitcoin and one day it's a steak and the next day it's dog food. I would not dare to make a long term contract (based on that).

Forbes, on the other hand, noted that the greatest value of cryptocurrencies such as Bitcoin , Ethereum , Litecoin and XRP is that they allow values ​​to be moved from one place to another at low cost. This is why they have been introduced in countries with failing economies such as Venezuela and Syria. Forbes said that cryptocurrencies will eventually reach stability, but then face a new obstacle:

When this happens, governments will be angry because they will no longer be able to play with people's money as they have done in the past. People will have an alternative (…).

Another problem Bitcoin will face, according to Forbes, is part of its original design. Forbes believes that Satoshi Nakamoto made a mistake by restricting Bitcoin's offer in the belief that "it would create value". According to Forbes, what creates value is the trust of users when they use Bitcoin as a means of payment:

When people want something, the supply increases. Well, Bitcoin artificially restricts the supply and creates a shortage of money. With the functional money, people have needed more and increased supply facilitates trade. Money does not control trade, money facilitates selling and buying.

Forbes believes that if Bitcoin becomes too scarce, it will ultimately be a barrier to its use. However, Forbes believes that cryptocurrencies will maintain the stability that the U.S. dollar lost when it was not linked to gold. The key, according to the president of Forbes Media, is to make technology and cryptocurrencies easier to use.

You will find below the full interview with Steve Forbes: