Fifteen years ago, Bitcoin was launched, offering a new way for investors to speculate. While some have made significant profits from cryptocurrencies, there have also been instances of fraud and hacking, resulting in the loss of billions of yen. This has led to questions about whether cryptocurrencies can live up to their lofty ideals.
Charles Hoskinson, co-founder of Ethereum and Cardano blockchain platforms, believes that cryptocurrencies and blockchain have the potential to revolutionize global systems. His interest in cryptocurrency began when he was in his 20s and he was drawn to the concept of a programmable currency that could be modified and offer people more control over global systems.
Cryptocurrencies are not backed by a central bank but by decentralized peer-to-peer networks known as blockchain. Value is determined by math rather than government authority. Blockchain technology has expanded beyond cryptocurrency into areas such as supply chains, voting systems, games, intellectual property rights, where trust is crucial.
However, many people still lack firsthand experience with this technology. According to Hoskinson, consumers will likely encounter blockchain through familiar products like PlayStations if companies like Sony incorporate the technology into their offerings.
Despite its potential benefits, building a system that can serve billions of people continuously without central authority poses challenges. One challenge is reintroducing identity verification since transactions currently occur without any knowledge of the other party involved.
In the United States, whether cryptocurrency receives support from government policy may depend on the upcoming presidential election. Donald Trump’s views on cryptocurrency have evolved over time due to his experiences with government institutions and changes within his inner circle.
Hoskinson believes that if the United States embraces crypto, Japan will follow suit leading to widespread adoption in Asia. However Japan’s anti-crypto stance may soften if major brands like Mitsubishi or Toyota can demonstrate how they’ve made it safe.
Hoskinson expects Japan will eventually come around to crypto but emphasizes the need for influential figures like Vitalik Buterin (co-founder of Ethereum) who can drive adoption within Japan.
