Litecoin founder Charlie Lee and CoolBitX CEO Michael Ou recently shared about their views regarding the cryptocurrency market, hurdles that it’s currently facing, mass adoption and other crypto-related topics. Charlie Lee and Michael Ou sat down with Thomas Hu, founder of Kyber Capital, Kyber Intelligence, and Kyber Base, in recent fireside chat.
During the heated discussion, both of them shared that they believe efficient mass adoption as the primary step to elevate cryptocurrency as a safe as well as alternative to fiat currency. And, to increase the adoption, people need to be sure that their money is safe.
Lee elaborates, “I think security is really important. With cryptocurrency, you are your own bank, so you actually have to protect your own coins.” Agreeing to Lee’s point Ou stated, “The meaning of being your own bank becomes literal because there will be no one able to stop you from sending your money to somewhere you want or there will be no one to freeze your assets.”
They moved on to talk about mass adoption, mentioning that it’s difficult to say when the mass adoption can be achieved, Lee said, “I see mass adoption as the majority of people using cryptocurrency — Bitcoin, Litecoin, others. By using, they’re already using it for a store of value, and also for payments.”
With mass crypto adoption, Lee, envisions a future where people will be able to spend their cryptocurrency anywhere just like debit card functions with fiat currency in a bank.
Hurdles to the vision of mass adoption
Both Lee and Ou feels that upcoming obstacles to this mass adoption will be coming in the form of government regulations. In fact, there are fears that the government regulations could go to an extent of smothering innovation and curbing further adoption.
Ou said, “… the regulators now still lack the understanding of how the entire IT side works behind cryptocurrencies. So, they’re having a slow time building up their parameters.”
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