Video: ‘Bitcoin will become the new gold’

  • Mr Matonis said that while human nature meant many remained sceptical about trusting Bitcoin because it was not backed by government, the new currency would endure. “
  • “Half of the world’s population is unbanked,” said Mr Matonis. “
  • “In five short years Bitcoin has issued 12m units valued at $6bn,” said Mr Matonis.
  • “No other virtual currency has ever done that in the history of modern economics.
  • The Bitcoin Foundation is a lobbying group founded in 2012 that is aiming to “standardise, protect and promote” the use of bitcoin, but Mr Matonis claimed that countries such as Argentina were already adopting virtual currencies widely as trust in government declined and inflation rates increased.

Virtual currency Bitcoin is approaching a tipping point, the Institute of
Directors heard today at its annual convention
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