When Ray Kurzweil, the director of engineering at Google, began accepting audience questions at the Exponential Finance conference, the primary three of them were about blockchain technology. The person who in huge part constructed his popularity based on what are extensively taken into consideration accurate predictions based totally on historical information, mentioned the power Kurzweil believes cryptocurrencies ought to cross borders and perhaps replace countrywide currencies.
However, Ray Kurzweil noted that bitcoin would be that replacement. Addressing an audience of seven hundred senior executives, technologists and more, at the Exponential Finance occasion hosted by Singularity University Kurzweil defined his doubts. Even as Ray Kurzweil mentioned some assumptions about capacity of bitcoin to scale as accurate he stated that people won’t be searching at algorithms to make their spending choices. Rather Kurzweil argued that it was the historic balance of a currency that makes it valuable, but stability has been missing in bitcoin.
Ray Kurzweil said:
“However, people want to have confidence in their cryptocurrency and bitcoin especially has not actually confirmed that. It’s had a terrific 12 months, but a very rocky life earlier than that.”
During past 12 months, the price of bitcoin has raised from $580 to nearly $3000. In February, the cryptocurrency passed a three-year old high of $1165, to frequently experience drops in price in excess of $one hundred dollars in an hour and hundreds of dollars in one day. In step with Ray Kurzweil, who has evolved a popularity as a futurist for his uncanny predictions, such inconsistency undermines the cryptocurrency’s value as a currency.
Ray Kurzweil stated:
“I wouldn’t put my money into it.”
However, Ray Kurzweil additionally expressed attention within the opportunity that the blockchain that powers bitcoin and different cryptocurrencies could sooner or later be adopted by countrywide governments. Kurzweil referred to as the concept at the back of blockchain sound but mentioned that people don’t yet believe in it. Even as bitcoin’s potential to keep value and facilitate transactions throughout borders has developed a devoted following amongst an incredibly small group of people, he mentioned that wider adoption won’t depend on the power of its algorithm, but its historical reliability.
Ray Kurzweil mentioned:
“There’s no motive why currencies have to be related to specific countrywide boundaries and governments. However, currencies like dollar have supplied affordable stability, bitcoin has not. Offering more transparency, and blockchain does offer that, may be something adopted by main currencies just like the current national currencies.”