Due to Bitcoin turning ten, the cryptocurrency exchange Bitmex decided to make sure that they capitalized on the publicity. They did this by taking out a front-page advertisement in the UK newspaper The Times, and there was also an accompanying piece. Interestingly enough, the CEO of Bitmex, Arthur Hayes, seemed to strike a cautious tone regarding the future of cash.
Privacy Still Matters
In the piece, which has also been published on BItmex’s blog, Hayes seemed to point out that central organizations were attempting to develop cryptocurrencies, and that this requires a certain level of indifference regarding personal privacy.
Specifically, he wrote: “The keystone phenomenon that makes e-money possible is the way in which we as a society have grown accustomed to handing over our entire private lives to corporations. We’ve done so in exchange for entertainment and convenience, and we’ve certainly received ample supplies of both.”
He pointed out the fact that Bitcoin is society’s “best hope for a private form of electric money.” It seems as though Hayes’ principles align with that of the Cypherpunk Manifesto, which famously declared that “privacy is a necessary for an open society in the electronic age” in its opening statement.
Cash Isn’t King?
The other point that Hayes stressed was that cash was basically going to erode over time, and be replaced with central cryptocurrencies. He stated that this was great for governments, because it allows for more access to personal information, but terrible for anyone who values their privacy.
Hayes wrote: “To sum up: for a long time, physical cash has been the best form of money with respect to privacy. But armed with a more efficient and transparent form of e-money, government after government will gradually make physical cash obsolete. Sooner than you think, cash will not be an option for privacy, or for anything else.”