Forbes contributor Roger Huang recently sat down with Garry Kasparov, renowned Grandmaster and author. Turns out “the greatest chess player of all time” is a cryptocurrency fan who sees decentralized digital tokens as an excellent savings vehicle and an opportunity to reclaim financial privacy.
Kasparov on Crypto: “It’s Not Inherently Good or Bad”
When framing his feelings about cryptocurrencies, Kasparov quickly established that they’re “not inherently good or bad.” The genius logistician also quipped that “fears [about the technology] are overrated.”
Kasparov on Crypto: It’s a Good Way to Save
Kasparov talked about crypto’s savings potential, reasoning that fiat inflation is unpredictable and subject to the Fed’s whims. He explained:
“[P]eople are looking for alternative means of protecting their wealth and saving their fortune against inflation or uncontrolled state interference with their financial affairs. The good thing about bitcoin is that you know exactly the number — the magic number of 21 million. And we understand the formula behind that. But when you look at the other side, the Fed, for instance, you never know how many trillions of dollars will appear on the market tomorrow that will damage your savings.”
Kasparov on Crypto: Privacy Is Important
Kasparov had a lot to say about cryptocurrency’s potential role in establishing financial privacy in an increasingly surveilled world.
“And of course, anything that can offer us the opportunity to take back control or some control of our privacy is always welcome. That’s why I think the steady rise in popularity of bitcoin and other cryptocurrencies and blockchain technology as a concept is inevitable because it’s a response to the shift of power from individuals to states or other institutions that may act on our privacy without our consent.
“[Cryptocurrencies allow] for more personal control for individuals at a time where more and more of elements of our lives are controlled either by the state, corporation, or outside parties that may somehow have a clandestine agenda.”
Kasparov also expressed distress about politicians’ ignorance about the intersection of technology, society, and the economy. He lamented:
“I was totally depressed after hearing the five-hour testimony of Mark Zuckerberg on the Hill — the level of preparation or unpreparedness by the senators was staggering. It’s amazing. They had so many staffers, and they could not ask any relevant questions — so you got nothing.”
It’s a good interview. Anyone interested in the blockchain or cryptocurrency marketplaces should take five minutes to read it.