Note that Gupta is not the only one betting on Bitcoin in the future against the backdrop of what's happening in the world today. Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, also holds a similar view. As he noted in his article "Energy Canceled", in the coming years many countries may move to hoard gold and the main cryptocurrency, the role of which is still Bitcoin.

The reason for this is the freezing of $640 billion in Central Bank reserves by Western countries amid sanctions being imposed. Although Arthur doesn't consider the moral side of the matter, he thinks it is sufficient for a possible gradual freezing of reserves in dollars and euros by the Western countries.


Heiss speculates that China will be one of the first countries to resort to such tactics, and that the collapse of the popularity of fiat currencies will lead to a major redistribution of wealth among the human race. We recommend reading this article for a better understanding of this possible development in the economy. If anything, the article is in English.

What will happen to cryptocurrencies

Gupta acknowledges that crypto market volatility – that is, dramatic changes in the value of crypto-assets – could be a hindrance, or at least an important transformative part of the new financial system. Here’s his rejoinder.

A big problem is the volatility of the value of digital assets. If you want to use them to pay for something, you don’t know what it will cost you. Today, cryptocurrencies are a potential source of speculative value. It is hardly the money as we know it now.

Gold or Bitcoin

Gupta also called for global regulation of the crypto industry, as global central banks should be responsible for developing a regulatory framework for cryptocurrencies. According to CryptoPotato sources, the Singaporean also touched on central bank digital currencies (CBDCs), noting that their adoption could lead to global reforms of the banking system. He predicted that the actual launch of such a monetary product is only a matter of time as it will have many applications.


It should be noted that former NSA employee Edward Snowden criticised the phenomenon. He believes that the tool will only become an excuse for greater control over the financial flows of citizens of any country.


Gupta then spoke on the merits of the foundation of cryptocurrencies – blockchain technology.

Blockchain can change the way transactions are handled in finance. It can transform payments and settlements, as well as the operation of various exchanges.

Blockchain developers

Adoption of Bitcoin is already going on at the highest level in El Salvador, though not at the pace many cryptocurrency enthusiasts would like. To recap, BTC became legal tender in the country last September. Since then, the government of El Salvador has already managed to announce many national development programs related to crypto.

However, only about 14 percent of local businesses use BTC in their transactions. This is the data from a survey conducted by the Salvadoran Chamber of Commerce. Analysts interviewed executives from 337 companies, with 90 percent of them saying that Bitcoin adoption has had little or no impact on their businesses.

Bitcoin’s blockchain

71 per cent of the companies surveyed were micro or small businesses, 13 per cent were classified as medium-sized, and 16 per cent represented large businesses. Overall, however, the overall picture is that consumers in El Salvador are mostly indifferent to BTC for the time being. This fact is reflected in the reporting of many companies.

While the low adoption of the cryptocurrency may seem staggering at first glance, El Salvador has been on the dollar standard since 2001. Unlike other emerging market currencies, El Salvador’s main medium of exchange is not subject to exchange rate volatility. In such an environment, Bitcoin does not appeal to many Salvadorans.

El Salvador’s President Nayib Buquele previously put Bitcoin at the heart of his economic growth strategy, despite organisations like the International Monetary Fund and Moody’s warning the government against actively using the main cryptocurrency. In part, they were right: at the moment, direct investment in BTC has resulted in losses for El Salvador, although so far only on paper.


We believe that Bitcoin should indeed become an alternative to gold and be seen as the world's main decentralised asset. Still, BTC is more in line with current digital era, in addition, the cost of storing and moving it is nothing compared with precious metal, and that is important for global trade. Given what is happening today, we can assume that, over time, Bitcoin will indeed become an increasingly desirable asset to acquire. And that includes at the level of states.


What do you think about it? Share your opinion in our Millionaire Crypto Chat. There, we’ll discuss other topics that affect the decentralised asset niche.