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Why One Prominent Chess Grandmaster is Bullish on Bitcoin Adoption

Mining 2020/07/25 04:00 by Cole Petersen

Bitcoin could be an integral piece to progressing the game of life, according to chess grandmaster Garry Kasparov.

In a recent interview, the man widely considered to be one of the greatest chess players ever lauded Bitcoin, explaining that the decentralized digital currency is helping individuals to maintain personal privacy and liberty.

He also explained that he believes it is only a matter of time before Bitcoin and other digital currencies garner greater mainstream adoption.

Chess Grandmaster: Bitcoin a Solution to Out-of-Control Money Printing

Garry Kasparov recently sat down with Forbes to share his thoughts on Bitcoin and blockchain technology.

The chess grandmaster has long been an advocate of the nascent technology, as the credos underpinning it are in-line with the initiatives he is working with – including the Human Rights Foundation and the Renew Democracy Initiative.

Kasparov explained in the interview that although the state has a right to issue currency, people need to have a backup to turn to when money printing gets out of hand.

He believes this backup option should be BTC.

“The good thing about bitcoin is that you know exactly the number — the magic number of 21 million… 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.”

He further added that fears surrounding Bitcoin being a currency for criminals are far overstated and that the upsides it offers far outweigh any potential downsides.

“When we look at the opposite hand, we see many upsides of cryptocurrencies starting with bitcoin…because it allows for more personal control for individuals at a time where more and more of elements of our lives are controlled either by the state, corporations or outside parties.”

Why Kasparov Thinks BTC Adoption is Inevitable 

While speaking about the future of the cryptocurrency, Kasparov offered an optimistic viewpoint, noting that he believes a growing demand for privacy could be the flame that ignites widespread Bitcoin adoptions.

On this point, he said that “people are recognizing that so many elements of our lives are now screened,” adding that they will eventually flock to anything that can offer a haven of privacy.

He also pointed to the growing trend of a populist desire for a power shift away from institutions and back into the hands of individuals.

“That’s why I think the steady rise in popularity of bitcoin and other cryptocurrencies and blockchain technology as a concept is inevitable,” he said.

Featured image from Unsplash.

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