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Home Latest News Bitcoin Bitcoin will be secured by institutions from government overreach - Erik Voorhees

Bitcoin will be secured by institutions from government overreach – Erik Voorhees

Erik Voorhees says that institutional adoption should be embraced by Bitcoiners because it keeps everyone honest.

According to Erik Voorhees, CEO and founder of ShapeShift.io, institutional investors will play an important role in securing the future of crypto currencies like Bitcoin (BTC).

During a panel discussion in LaBitConf this year, Voorhees said the adoption curve of Bitcoin will increase substantially in the next 5 to 10 years. At that time, Voorhees estimated the BTC exposure to half the world. However, when Bitcoin becomes the global monetary standard, he thinks that mass adoption will take place much later.

The panel was virtually unanimous in the view that Bitcoin is better served with entities of different persuasions buying and holding BTC. Institutional acceptance is a net positive for the ecosystem since it guarantees that the rules of the game never change and that governments do not seek to intervene.

Voorhees said there is a stronger opportunity for governments to censor Bitcoin as it is mainly used by retail investors. There could be a natural “bulwark” against government overreach with broad institutions in play.

As far as Bitcoin is involved, Voorhees noted his conviction that “the greater the mix and diversity of holders, the better” until continued “Democratization of control over money is the essence of Bitcoin.” While Voorhees claims that we are only in the very early stages of institutional adoption, 2020 has been a watershed year for the digital asset in terms of orthodox recognition. Big investors including Paul Tudor Jones and Stanley Druckenmiller have reported their participation in Bitcoin, while Paypal and Cash App are buying up the most freshly mined BTC.

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