EXCLUSIVE: Fireblocks CEO Calls Bitcoin An Insurance Policy Against Government Collapse

Fireblocks CEO Michael Shaulov calls Bitcoin (CRYPTO: BTC) recently shared insights with Benzinga on the role of traditional banks, the rise of stablecoins and Bitcoin’s potential as an “insurance instrument” against potential government system collapses.

What Happened: Anyone interacting with cryptocurrency, tokenization and blockchain technology understand that there will be a game of disintermediation. 

Shaulov believes that while certain business models might face disruption, banks will continue to play a pivotal role, provided they adapt swiftly to the changing landscape.

As the digital asset landscape continues to evolve, industry leaders like Shaulov are gearing up to share their perspectives at the upcoming Benzinga’s Future of Digital Assets conference on Nov. 14, a pivotal event that promises to shed light on the next phase of blockchain and cryptocurrency innovations.

Stablecoins, Shaulov says, allow much broader applicability. The activity surrounding stablecoin payments might soon eclipse speculative cryptocurrency trading, he says.

Also Read: The Can’t-Miss Crypto Summit Of 2023: Benzinga’s Future Of Digital Assets Conference In NYC

Shaulov further differentiated between stablecoins backed by liquid assets and those backed by bank-tokenized deposits.

When asked about the role of centralized market infrastructure in finance’s future, Shaulov said, “A lot of those players need to figure out how their centralized market infrastructure should be decentralized.” Adapting traditional business models to this rapidly evolving environment remains a challenge, he explained.

Reflecting on a recent Coinbase report that showcased the growing number of Americans owning crypto, Shaulov was assertive.

“It’s inevitable,” he declared, emphasizing the bottom-up propagation of the crypto trend driven by the people.

He urged regulators to act swiftly to comprehend and adapt to this paradigm shift.

Bitcoin: When asked about Bitcoin’s potential as a fiat currency alternative, Shaulov offered a personal take.

“I view Bitcoin as an insurance instrument against potential failures of government systems,” he shared.

While he personally invests in Bitcoin for this reason, he doesn’t envision it replacing traditional currencies for day-to-day transactions.

Read Next: EXCLUSIVE – EDX Markets CEO Says Bitcoin Has The Potential To Become A Global Reserve Asset

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga’s exclusive event – Future of Digital Assets. Tickets are flying-  get yours!