04 March 2020 · 0 min read

Antonopoulos: Crypto is Not Yet Ready for Number of People Who'd Use It in Economic Crisis

Bitcoin educator, technologist and serial entrepreneur Andreas M. Antonopoulos discusses how an economic crisis might affect crypto. "There's a tendency among the cryptocurrency space to look at it as an opportunity to test cryptocurrency as a lifeboat, as a safe haven, and I think that's a terrible attitude to have towards an economic crisis," he said in an interview with BLOCKTV in February 2020. He likened the situation to testing the lifeboat security by sinking the ship. Antonopoulos found that there's an equal chance that a slowdown in the economic activity, in the tech sector particularly, would reduce the amount of investments in the crypto space. Cryptocurrency is not capable yet of supporting the scale of millions or billions of people who might have to use it during an economic crisis, he warned. However, the certain future of finance is open, decentralized finance that will help to bring the entire humanity in the system that all can access, he said.

Learn more:
Bitcoin Too Young to Be Predictable But it Has a Major Advantage
What a Possible Global Recession Could Mean for Crypto
How Global Macro Trends Might Affect Crypto in 2020