“The blockchain technology, in its basis, the ability to transfer native digital assets from one place to another in an extremely easy way, enables the world, the capital markets, to truly become global.”
When Yoni Assia, Founder and CEO of eToro found out about Bitcoin, he realized that it was going to change how financial services work and effectively, change the world economy. His love of financial markets and technology have always been intertwined, and when he learned about Bitcoin and blockchain technology, he found a way to bring those two passions together in one platform, called eToro where social media meets online trading.
Yoni realized that we all have to need to connect. Before the days of the internet the way people connected with each other came from our nationality or culture and where we were born, but the internet has no political boundaries, and communities are formed over the internet based on common interests.
Now with blockchain technology, like-minded individuals are able to connect in new ways, in a truly global economy.
Yoni thinks that the jury is still out as to whether or not Bitcoin will be used as a medium of exchange. And he said it remains to be seen if it will be like digital gold or silver or copper. But says it has the kind of brand awareness of Coca-cola, McDonald’s or Google!
And we discuss how people can now start to connect economically and create communities through a value system of shared ideas. Some are Bitcoin Maximalists. Some hodl Ethereum and support smart contracts and it’s Turing completeness.
Yoni talks about his passion project, The Good Dollar involving Universal Basic Income on top of crypto, helping the billions of unbanked join the global economy. His vision involves distributing wealth on a blockchain.
When we forecast into the future, Yoni believes that the blockchain revolution is as big as the internet and potentially as big as electricity as an innovation.
He says, “Most assets will be registered on global blockchains and people will be able to transfer ownership in both physical and digital assets electronically.” But, when will this happen and how is a much bigger question and the answer is — slower than innovative blockchain front-runners had been hoping for.
A great example he uses to help to put things into perspective is about VOIP. All communication is done through Voice Over Internet Protocol now. It seemed inevitable. But, he explains that Skype has not become the largest telephone company in the world. Why not? Because there were big, powerful companies with a lot of money and a lot at stake who were able to use the technology for their benefit. And Yoni believes the same will be true of the technology and innovations we’re seeing now.
He anticipates national blockchains connected to our digital IDs and that there will be some governance around how citizens are required to use their national blockchains.
As the information age is expanding and billions of people are becoming connected to an economy, that economy is becoming more global and less political, although how much less political remains to be seen.