American - Businessman | 1962 -
There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.
Patrick M. Byrne
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Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets and Wall Street.
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How high can bitcoin go? The real question is how low can the dollar go?
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Right now, you've got three days between a trade and a settlement, with hundreds of millions in settlement risk tied up in that time. That all goes away in a blockchain system because you've reunited the trade with the settlement. They're not two separate processes.
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I'm not in the business of bayoneting the wounded. I feel the blockchain revolution is kind of my victory. I don't care whether I win it, someone else wins it.
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There is absolutely no reason in the world of blockchain to build in net settlement. It's like saying you have got a new Ferrari and we are going to put a lawnmower engine in it.
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The main event isn't bitcoin. It's using the blockchain to disrupt other industries and Wall Street.
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For the first time in 6,000 years of human history, we can have peer-to-peer exchange where trust is not a problem anymore. And it's through the technology that underlies bitcoin. It's called the block chain.
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I'm not wed to bitcoin's blockchain. I'm blockchain-agnostic.
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If we get to a world of digital securities, then there isn't a need for DTC and Cede & Co. anymore. It's a really huge step in returning to clean capital markets.
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We want enough people adopting Bitcoin for a robust infrastructure. It's an act of patriotism. It gives the country a robust parallel system.
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t0 is blockchain-agnostic so, ultimately, we can use anybody's blockchain.
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