Despite the unprecedented regulatory pressure that cryptocurrencies have recently faced in the United States, the fight between the US government and the cryptocurrency industry has only just begun, ShapeShift CEO Erik Voorhees believes.
According to the businessman, the US authorities still do not see cryptocurrencies as an existential threat to the fiat system, and their recent crackdown is just an opportunistic reaction to the explosions of fraudulent cryptocurrency companies last year.
“They see it as some kind of scam area that they can walk into and see themselves as the hero for cleaning up a mess,” Voorhees said in an exclusive interview with Cointelegraph.
According to Voorhees, cryptocurrencies need to go mainstream before governments move against them completely. At that point, “it will be too late” for government actors to crack down on cryptocurrencies, as too many people will be aware of their value and usefulness.
Voorhees has no doubt that cryptocurrencies will ultimately win the battle for the hearts and minds of the people, in part because they are free of the restrictions on the flow of capital that are present in traditional financial systems.
“Capital goes where there is less friction [...]. In the world of cryptocurrencies, capital moves freely, it moves effortlessly,” he noted.
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