Max Keiser, who presents the Keiser Report on Russia Today is also a big supporter of cryptocurrencies and is the Co-Founder of Bitcoin Capital a Cayman Islands tax efficient investment fund for professional investors who want exposure to the growth of Crypto Currencies like Bitcoin and Blockchain technology.
Max was at the Web Summit last month, and he met up with us to talk about Bitcoin and why one country will become Bitcoin Switzerland.
Interviewer: I am here with Max Keiser from RT’s The Keiser Report talking about cryptocurrencies that you are very involved with at the moment.
And how do you think that’s going to go in the future, is it going to be the way to go money-wise?
Yes, indeed it is. So, Bitcoin is getting a lot of attention right now. It’s all time high trading volume today. It’s got huge press in the economist and the FT and elsewhere. People are now five years after it started out, beginning to realize the power.
I suppose the main thing is, when you have this that kind of currency, it is more controlled by people than vested interests.
It’s outside of the control of the central banks and the banks which gives it a chance to give people, ordinary people a way to manage their finances that has never been available to them before.
Yes, also your report saying that in five years time it could be a major reserve currency, Bitcoin.
Yes. That’s right. I think it will be. And it looks good right now. I think that’s going to be the case.
Because I’ve seen that the moment people are scaremongering saying we can’t use Bitcoin because they worry in case of any collapses like what happened in Japan. If it collapses, where’s the money going to go on then? They just want to make sure that a vested few control the supply and decide where the money goes and who holds it. Now, Bitcoin hasn’t got that as you’ve got more freedom.
Well, there’s more transparency.
Yeah and I think long term wise for the Bitcoin, as it’s been used more and trusted more, it’s probably going to be a standard currency that maybe within five years some countries will actually tie their economies to it.
If they are smart, they will.
Yeah, problem is education. How do you educate these guys to actually go with Bitcoin?
I think the adoption right will be driven by crisis. So we saw in Greece, and we saw Cyprus, and we see in emerging markets, see in China, people are desperate to get control of their money because the state is acting in a dangerous way so they’re turning to Bitcoin and another cryptocurrencies and that will drive the adoption rights.
Yeah, we see that people in China and Greece are now moving money away in to Bitcoin because that’s the only way they can guarantee the money is going to be safe.
They can get security with their money. That’s also portable unlike anything else including golden and silver which is a good form of money but it’s not portable. That’s portable.
Yeah, and do you think if you have to go to any major department store in the world they will use Bitcoin soon as well?
You can use it pretty much in over a hundred thousand merchants around the world. And that number is set to increase tenfold.
And what about credit cards and Bitcoin, would that be possible?
Well, Bitcoin is a superior form of payment. I am sure it would work in tandem with other forms of payments.
Yeah and when it comes to the moment, do you see any major governments that actually are going to back Bitcoin?
Uh, well, let’s see, the different governments are in different stages of understanding and dealing with Bitcoin and ultimately one country will become so called Bitcoin Switzerland and that country will enjoy an enormous advantage over other countries and then the others will follow suit.
I guess if you got guy who’s willing to go with it, others will then in time follow because they see the advantages
As long as they’re prepared to do that but I mean some mightn’t be because they controlled by vested interests. Certain banks will say no you can’t go there. Certain countries will say no you can’t do this because the countries we deal with trade wise require certain currency and certain ways of dealing with money and with Bitcoin you got more transparency. The more transparency there is, you get to see what’s going on behind the scenes, and they don’t want that. They want to keep it hidden so that Average Joe will not see what’s going on.
Yup. Absolutely, transparency is good.