Cryptocurrencies are the future and could replace the dollar in 10 years, says chess grandmaster Garry Kasparov
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Chess grandmaster Garry Kasparov has said he would not be surprised if cryptocurrencies had replaced the dollar in 10 years' time, and has hailed digital assets as the future.
Kasparov, regarded by many as the greatest chess player in history, told Coindesk Monday that he thinks cryptocurrencies such as bitcoin are «digital gold» and can hold their value as inflation rises.
In particular, he said cryptocurrencies are a good tool for people to fight back against what he sees as government overspending, which he says is leading to strong inflation that erodes the value of assets.
«In the democratic countries in America and Europe, trillions of dollars will be printed,» he told the crypto news website. «I'm not happy to see that the government has a free hand to use my taxes, basically to devalue [the dollar].»
He added: «I think it's very important that technology would offer me an opportunity to fight back, to protect my hard-earned fortune. And I think that bitcoin – which I believe is online gold – and other cryptocurrencies are the way to the future.
»I'm not a financial expert, but I would not be surprised if, in 10 years' time, the dollar will be replaced by the basket of coins as a standard."
Read more: A Wall Street veteran trader-turned crypto expert breaks down how bitcoin and ethereum could potentially reach $80,000 and $7,500 — and shares the 6 major trends on his radar in the year ahead
The idea of bitcoin and other cryptos as «digital gold» that can maintain their value has gained credence over the last year, with investors searching for assets that offer protection against the strongest US inflation since the 1980s.
Proponents say bitcoin is scarce – only 21 million coins can
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