'Majority of world to use cryptocurrency within five years'
A cryptocurrency expert has predicted that the majority of the world will soon use virtual currencies to make daily purchases.
American Ben Semchee travelled to Manchester from Missouri to speak at our sold-out cryptocurrency event on Friday morning.
The truck driver and self-taught cryptocurrency expert told BusinessCloud ahead of the event that massive changes are afoot behind the scenes of the global economy.
“Within four or five years, cryptocurrencies will probably have at least half of the global exchange of value,” Semchee said.
The unlikely investor previously worked as a stand-up comedian and radio DJ before becoming a Bitcoin personality and consultant known as ‘Bitcoin Ben’ across his social media channels.
He said his success is down to the fact that he talks in a language people understand.
He continues to earn a living driving huge trucks in the US and refuses to cash in his substantial Bitcoin and Litecoin investments as he sees it as a long-term play.
Larger-than-life Semchee built up his cryptocurrency knowhow whilst listening to podcasts on long-distance truck journeys.
Cryptocurrency and the underlying blockchain technology which underpins it is a complex subject, but Semchee explained that the inner workings of the current banking system are not widely understood either – and predicted that changes to the economy will come about without disruption to the average consumer.
He said the explosion in quantitative easing has weakened fiat currencies like sterling and dollar and made cryptocurrencies like Bitcoin more appealing.
“If you swipe your card you have no idea which computer is talking to other computers,” he said. “Cryptocurrencies are going to replace that structure on the other side of that purchase.”
Phillip Nunn, CEO of The Blackmore Group and Wealth Chain Group, told us recently that Bitcoin's value could range from $6,000 to $60,000 in 2018.
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