Chinese investor Chandler Guo, who has invested in various bitcoin and Ethereum Classic startups including major bitcoin mining pool BW.com, stated at the Annual Meeting of the New Champions in Tianjin China that the world GDP will be based on bitcoin.
Since the introduction of bitcoin in early 2009, the global financial system and market have changed drastically. Banks have begun to implement negative interest rates, countries like India and China have started to impose strict regulations on asset management and the value of cash is beginning to fade away as central banks and governments are looking into the development of digital currencies.
Guo states that like any technology or product, the world’s financial market and monetary systems are going through a major change. Existing financial networks, platforms and services are being replaced by financial technologies or fintech, and non-bank service providers have gained enough market share to challenge dominant organizations and institutions.