Pai also says there is currently a massive effort to entirely redesign the financial system. He describes the wider crypto industry as a “hive mind” of diverse professionals unlike anything he’s ever seen before.
A Troubled Financial System Makes Bitcoin Increasingly Attractive
Like an ever growing number of folk, Raoul Pai believes the current global financial system is unsustainable in its current form. In a recent interview with Bitcoin proponent and Morgan Creek Digital partner Anthony Pompliano, Pai said an ageing population, along with the “excesses of this particular cycle” could actually break the financial system.
For Pai, crashes in 2001 and 2008 highlighted that the system doesn’t work anymore. Central banks have spent the last 20 years aggressively printing money and implementing radical economic policies to stimulate further growth.
Like others, Pai does not think this is sustainable. He believes a change is coming:
“The outcome is going to have to be a move to something different – I think Bitcoin is a call option on that outcome”
He adds that gold too serves a similar function against what he describes as the “global wrecking ball” that is the US dollar. Pai says that although he held the same beliefs prior to the outbreak of the coronavirus, the crisis is likely to contribute to the delicate global financial situation. True enough, the US Federal Reserve announced an emergency interest rate cut for the first time since the 2008 financial crisis earlier this week.
This interview w/ @RaoulGMI is the most important thing you will listen to all year. We discuss:
– Coronavirus impact on economy– Corporate debt levels– Pension crisis– Stock buybacks– The probability of a depression
Available on all major platforms!https://t.co/aQdjNwFrws
— Pomp (@APompliano) March 5, 2020
The Crypto Industry: A “Hive Mind” Effort to Change the World?
Elsewhere in the interview, Pai describes the wider cryptocurrency industry very optimistically. He says irrespective of the kinds of tribal differences that exist between proponents of different digital assets, he has never seen a larger coordinated effort to change the global financial system. Whether its Bitcoin, Ethereum, or any other project, the goal is the same.
After stating that most people aren’t really aware of the work going on, he states:
“There is a brain drain of people, coming out of financial, technology, and science, that is beyond anything I’ve ever seen in my life. They’re basically creating a hive mind to rebuild financial, custody, ownership transfer of everything world, in parallel, at the same time.”
He also comments on the timing of this hive of activity in relation to the possible demise of the system. If development continues to progress as it has, Pai reasons it might be possible to simply transition to the system crypto may usher in.
Related Reading: Altcoin Market Forms Crypto’s Most Dangerous Pattern
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