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Why XPRIZE Founder Peter H Diamandis is Swapping Gold for Bitcoin

Why XPRIZE Founder Peter H Diamandis is Swapping Gold for Bitcoin

Peter H Diamandis, the founder and Chairman of the XPRIZE Foundation, has given bitcoin his blessing, describing it as a globally important and disruptive technology.

In a blog post, Diamandis wrote that bitcoin is finally moving from its “deceptive phase to a very disruptive phase”. He made a compelling argument, outlining positive developments in the bitcoin ecosystem and the evolution of his own opinion on the matter.

Pete H. Diamandis (centre)
Diamandis said he has been tracking bitcoin since its inception and his confidence has grown to such an extent that he is even trading in a portion of his gold holdings for bitcoin.

The XPRIZE Foundation has been around since 1995, with the stated goal of promoting emerging technologies through public competitions and initiatives.

The foundation’s board of trustees includes big names like PayPal co-founder Elon Musk, President of the Huffington Post Media Group Arianna Huffington, and Google co-founder Larry Page.

Changing the way we think of money

Diamandis explained the basic properties of bitcoin and made a bold claim: he believes bitcoin will do for money what email did for communications.

He said:

“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things. Most importantly, it is an ‘exponential currency’ that will change the way we think about money. Much the same way email changed the way we thought of mail.”

Diamandis further pointed out that bitcoin is following ‘the six Ds’ – it is digitised, deceptive, disruptive, dematerialising, demonetising and democratising. Currently, he believes bitcoin is currently in the process of entering the disruptive phase.

Five phases of adoption


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This entry was posted on June 24, 2014 by and tagged .

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