Former CTO of Coinbase, Balaji Srinivasan, has tweeted that every major organization in the world holds “some BTC as it’s the one universally valued instrument.”
In this world, every major org holds some BTC as it’s the one universally valued instrument. The digital gold standard. Not everything can run on the Bitcoin blockchain of course, so we’ll see off-chain in many senses — Postgres, L2, and/or other chains — depending on community.
— Balaji S. Srinivasan (@balajis) June 2, 2019
It is certainly true that some organizations, and even entire countries, hold a lot of Bitcoin, which could potentially give them a great boost to the economy should the value of Bitcoin reach the great heights that many foretell.
Srinivasan also said that the entire tech industry would ultimately be rebuilt on public blockchains, from funding and payments to messaging and identity management,
It’ll take a while, but the entire tech industry will ultimately be rebuilt on public blockchains. Incorporation, funding, sending/receiving payments, employee equity, user incentives, encrypted messaging, identity, accounting, M&A, governance…all can be automated with crypto.
— Balaji S. Srinivasan (@balajis) June 2, 2019
He went to say that location will become less important, as entrepreneurs and companies will not be beholden to Silicon Valley for funding or Wall Street for exits. Entities will soon have the capabilities to do just as much with just an internet connection.
One of the consequences is that location becomes less important. You don’t need Delaware for incorporation, Silicon Valley for funding, or New York for your exit. You don’t even need a US visa anymore. Becoming easier to get started from anywhere with a good internet connection.
— Balaji S. Srinivasan (@balajis) June 2, 2019
Srinivasan recently resigned from Coinbase, one of many high-profile departures from the exchange, and is “taking a bit of time off to get back in shape.”
