Michael Novogratz, the founder and Chief Executive Officer of Galaxy Digital recently spoke about decentralization, privacy and AI technology in a podcast interview with Laura Shin.
The CEO, while discussing the concept of decentralization and its importance said:
“I don’t think we’re going to decentralize the whole world. I really don’t. I think there are parts of the world where decentralization makes sense, for peer to peer you know relationship makes a lot of sense.”
Novogratz further pointed out that the reason for this opinion is his major concern about privacy. He spoke about Artificial Intelligence [AI] and how the absence of it 10 years ago was beneficial in maintaining the required privacy. However, he also appreciated and acknowledged the progress AI has made since last few years and “what it’s going to do in the next 10 years is staggering.”
The CEO related his concerns about privacy to the availability of his DNA to trace him and his life belonging with the various companies. He said:
“And now my DNA is on somebody’s database with my name on it, and everything else. And if you look at how much hacking is going on, on the internet, that doesn’t make you feel so good. And they’ve already sold that DNA to some research companies”.
Novogratz explained the progress in AI technology, by giving an example of how an embryo before even it is developed can give information about eye color, and height. Most importantly, AI can facilitate heightened IQ within the fetal stage which was impossible once but possible now, he said. Similarly, he added, it is possible for any company to gather all the data about an individual and to use it for the sake of business or anything else. He went on to say:
“And so having some firewall between our personal data and these big silos that can use it for good or bad reason, to me is wildly essentially what gets me the most excited about putting so much my energy into the space.”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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