[AUDIENCE] I really believe that we will have another
global financial crisis (GFC) in the short-term future, because of the debt and endless printing
of millions and millions of dollars. At a certain point, there will be a default.
I don’t say that I know [what will happen], but I want to ask about your personal view. Do you think there will be a repeat of the
financial crisis that happened in 2008 – 2009? What will the reaction of Bitcoin and the
other cryptocurrencies across the world be? What is your personal opinion?
[ANDREAS] What you want me to say… [Laughter] [AUDIENCE] I don’t want you
to tell me what I want to hear. Tell me what you think! There may be a big difference
between what I want [to hear], and what you think. [ANDREAS] Many people are slightly gleeful
about the idea of a global financial crisis… that will send bitcoin to the moon and make
everybody in this room a multi-millionaire. Beware what you wish for. It would depend on the
timing and the level of crisis we are talking about. In general, small-scale regional crises are
beneficial for alternative systems of money, because they demonstrate why a different way might
be better. They give people choices and a safe haven. They give people an opportunity to exit a broken system,
an opportunity to escape oppressive governments. Move their money [easily] across the border as
a refugee; send money home as an immigrant. They can provide protection against
inflation, against currency controls. Potentially, one day, [a way out of] war [zones],
genocide, and other crises like that. Absolutely. But if we had a global financial crisis today,
the investment currently going into bitcoin… from the middle class, startup companies, venture
capital, and even bank consultants, would disappear. People who don’t have money can’t invest, right?
We saw this happen in Greece. People did not flock to buy gold or bitcoin.
Why? They didn’t have any bloody money! People ask me, “Why did they leave money in the
Greek banks?” They didn’t leave money in the banks. They didn’t have money in the banks. Their paychecks
[were going in] every Friday, and then were stuck there. They tried to take it out as fast as they
could, try to make it until next Friday, when their employer gave [their paycheck]
to the Greek banks for them again. What do you do there?
How do you escape that? People start selling their belongings
[before] they start buying other assets. That is not something to wish for. I hope
we don’t see a massive global financial crisis. I don’t think it is good for anyone, obviously.
It is painful and kills a lot of people. It is very damaging to the world economy.
We will see regional crises, though. I hope we have a gradual, non-violent, and
copacetic transition to a superior technology… that serves the needs of people. However, if you read history, you know that [change]
will probably not happen exactly like that. [Laughter] At the same time, I will hope for that. The alternative is ugly, sudden, chaotic,
disruptive, painful, violent and bloody. You will see people being persecuted.
It is already happening in Venezuela. Bitcoin miners are being arrested and
given jail sentences for [activities]… [related to] mining [this] alternative currency. This is happening today. Let’s hope that doesn’t spread.
That is not [a good] way to achieve success, for desperate people to have no other choice. [It is about] people making an informed choice
because they want to. You are here because of that. No one forced you to be here.
That is how we would like to keep it.