Ex-CTO of Coinbase and angel investor Balaji S Srinivasan has made a bold claim that Bitcoin will one day displace all that we know of the tech industry, Silicon Valley and even Wall Street, insisting that all known tech will eventually be rebuild upon blockchain.
Srinivasan made a surprise departure from one of the world’s best known crypto exchanges last month, but has not left the scene and continues to be extremely bullish about Bitcoin’s future. His presence on Twitter since being formally unemployed has also cemented his reputation as one of the most vocal of Bitcoin bulls.
While others push for Bitcoin’s case as an accepted store of value, he treads on more maximalist shores, claiming that public blockchains would disrupt every known segment of the global economy.
IT’LL TAKE A WHILE, BUT THE ENTIRE TECH INDUSTRY WILL ULTIMATELY BE REBUILT ON PUBLIC BLOCKCHAINS. INCORPORATION, FUNDING, SENDING/RECEIVING PAYMENTS, EMPLOYEE EQUITY, USER INCENTIVES, ENCRYPTED MESSAGING, IDENTITY, ACCOUNTING, M&A, GOVERNANCE…ALL CAN BE AUTOMATED WITH CRYPTO.
— BALAJI S. SRINIVASAN (@BALAJIS) JUNE 2, 2019
Backing up his point is a steady rate of adoption of Bitcoin and its underlying blockchain technology. Even banks and stock markets, from JP Morgan’s adoption and launch of its own cryptocurrency, to the blockchain-based activities of the London Stock Exchange, all show the path to Srinivasan’s future of a global economy running on public blockchains.
He is less kind on the traditional model of securities as well. While others see a slow migration, taking securities to stocks issued through tokens in a regulatory compliant version of token offerings, Srinivasan believes that these centralized entities of Wall Street and others completely redundant. With little more than an internet connection, he believes that entrepreneurs, thanks to crypto, will soon be able to function without the laborious process of incorporation, funding and raising capital, or listing to the public.
Further, he says Bitcoin will become a “universally valued instrument” whose mass adoption will be led by global corporations, hoisting it as the “digital gold standard”.