Famous Chinese businessman says Bitcoin can replace paper money in the future

Feng Lun, certainly one of the well-known Chinese businessmen and founding father of Vantone Real Estate, stated he disagrees with Charlie Munge’s views on Bitcoin. In his opinion, individuals can’t deny his rationality and future traits. On prime of that, he is personally fairly optimistic about this market-leading cryptocurrency.

Feng Lun, founding father of Vantone Real Estate

Famous Chinese businessman Feng Lun is sort of a supporter of Bitcoin

In an interview with Weixin, when requested what he considered Berkshire Hathaway vice chairman Charlie Munger, who criticized Bitcoin, how Bitcoin journal reported, Feng stated brazenly that he himself disagreed with the billionaire investor. He thinks he is extra of an optimist and is able to speak about Bitcoin from a artistic perspective.

“Inventions are artistic, many individuals suppose they’re monsters the first time and are fast to reject them, query them, discover errors. But what’s fascinating is that these new ones typically find yourself beating the outdated ones and turning into the dominant ones, “he stated.

Feng additionally in contrast Bitcoin to shares. In the western market economic system, shares can be considered as an ordinary asset class. In the preliminary part of the reform and opening up, nevertheless, quite a lot of securities research at the starting of the Eighties have been additionally topic to fixed criticism, not to mention shopping for and promoting shares. When the new alternate emerged, some gamers misplaced money, they rushed to smash the ground. But now nearly everyone seems to be watching the market go up and down and steadily accepting the idea that it takes money to make money.

“I think Bitcoin is the same. It went unnoticed at first, but when people started to keep all their eyes on it, the community suddenly started arguing. When talking about Bitcoin, everyone should also read up on blockchain. With the advancement of new technology, many financial activities have been developed and many digital currencies similar to Bitcoin have emerged, ”he added.

As a brand new and distinctive type of foreign money, in his opinion, the digital foreign money has many benefits over the fiat foreign money, akin to extra safety, information safety and extra equity. Because of those benefits, Feng believes that cryptocurrencies will certainly replace conventional paper money in the future.

Of course, with advancing growth, with altering transaction frequency and utilization, increasingly more related, standardized legal guidelines and rules for the crypto market will emerge.

Feng’s assist, nevertheless, is a good consolation to the crypto market. However, lately there was some info on the facet that he’s concerned in many contract fraud circumstances and is being investigated in opposition to him. According to Equal Ocean newspaper, Feng abused his energy and place to embezzle 42.48 million yuan in funds belonging to a state-owned firm.

On the night of August 13, Feng informed a reporter for the twenty first Century Business Herald that the rumors have been unfounded. At the time of this writing, the firm has not launched any official details about this incident.

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