In a recent episode of the popular podcast The Joe Rogan Experience, Worldcoin co-founder and former Y Combinator president Sam Altman shared his views on the current state of the cryptocurrency industry and the challenges it faces from regulators and governments.
Altman, who launched Worldcoin earlier this year with the ambitious goal of creating a global digital currency that would be distributed to everyone on the planet via iris scans, said that he believes that the US government is actively trying to suppress the innovation and adoption of crypto.
“I think the US government is waging a war on crypto, and I think they’re doing it in a very subtle and smart way,” Altman said. “They’re not outright banning it, they’re not saying it’s illegal, they’re just creating a lot of uncertainty and fear and doubt and confusion in the market.”
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Altman argued that the US government sees crypto as a threat to its monetary sovereignty and its ability to impose sanctions and control the global financial system. He said that the government is using various tactics to discourage people from using crypto, such as imposing heavy taxes, enforcing strict regulations, spreading misinformation, and launching its own digital dollar project.
“They’re trying to scare people away from crypto, they’re trying to make it seem like it’s too complicated, too risky, too volatile, too shady, too criminal, too environmentally unfriendly,” Altman said. “They’re also trying to create their own version of crypto, which is not really crypto at all, but a centralized digital currency that they can control and monitor and manipulate.”
The US government is waging war on crypto, and this is bad news for anyone who values freedom, innovation and privacy. Crypto, or cryptocurrency, is a form of digital money that is decentralized, secure and transparent. It allows people to transact without intermediaries, censorship or surveillance. Crypto also enables new forms of social and economic organization, such as decentralized autonomous organizations (DAOs), which are self-governing entities that operate on the blockchain.
However, the US government sees crypto as a threat to its power and control. It wants to regulate, tax and monitor every aspect of crypto activity, and to impose its own centralized digital currency on the public. The US government is using various tactics to undermine crypto, such as:
Proposing legislation that would require crypto users to report their transactions and identities to the IRS, and to pay capital gains tax on every exchange of crypto assets.
Launching investigations and lawsuits against crypto companies and individuals, accusing them of fraud, money laundering and tax evasion.
Pressuring banks and payment processors to cut off services to crypto businesses and customers, effectively freezing their funds and accounts.
Spreading misinformation and fear about crypto, portraying it as a tool for criminals, terrorists and rogue states.
Developing its own digital dollar, which would be controlled by the Federal Reserve and the Treasury Department, and which would enable mass surveillance and manipulation of the economy.
These actions are not only harmful to the crypto community, but also to the American people and the world at large. By waging war on crypto, the US government is:
Violating the constitutional rights of its citizens, such as the right to privacy, free speech and free association. Stifling innovation and entrepreneurship in one of the most promising sectors of the economy. Alienating its allies and partners, who are embracing crypto as a way to foster financial inclusion, cross-border trade and global cooperation. Losing its competitive edge and influence in the emerging digital economy, where crypto is becoming the dominant form of money and value exchange.
The US government should stop waging war on crypto, and instead embrace it as an opportunity to advance its values and interests. Crypto is not a threat, but a solution to many of the challenges that the US faces in the 21st century. Crypto can help:
Enhance democracy and accountability by enabling more participatory and transparent governance models. Promote economic growth and development by lowering barriers to entry and creating new markets and jobs. Protect national security and sovereignty by reducing dependence on foreign actors and enhancing resilience against cyberattacks. Foster social justice and equality by empowering marginalized groups and individuals to access financial services and opportunities.
Altman said that he thinks that the US government is making a huge mistake by trying to stifle crypto, instead of embracing it and leading the innovation. He said that crypto represents a huge opportunity for economic growth, social inclusion, and human empowerment. He also said that crypto is inevitable and unstoppable, and that the government will eventually have to accept it or lose its relevance.
“I think crypto is the future of money, and I think it’s the future of democracy,” Altman said. “I think it’s the best chance we have to create a fairer and more transparent and decentralized and open and inclusive world. I think it’s unstoppable because it’s driven by people’s desire for freedom and sovereignty and choice. And I think the US government should be supporting it, not fighting it.”
Altman also discussed his vision for Worldcoin, which he described as a “social experiment” to create a new global currency that would be accessible to everyone, regardless of their location, identity, or wealth. He said that Worldcoin aims to distribute its tokens to every person on Earth via iris scans, which he claimed are more secure and privacy-preserving than other biometric methods.
“We want to create a new kind of money that is truly for everyone,” Altman said. “We want to give everyone a stake in the future of humanity. We want to create a more equal and inclusive world. And we think the best way to do that is to use iris scans, which are unique and immutable and anonymous and verifiable.”
Altman acknowledged that Worldcoin has faced some criticism and skepticism from the crypto community and the public, especially regarding its use of iris scanners, which some people see as invasive or creepy. He said that he understands the concerns, but he believes that they are unfounded or exaggerated.
“We’re not collecting any personal data, we’re not storing any images, we’re not sharing any information with anyone,” Altman said. “We’re just using iris scans to create a one-way hash that proves that you’re a unique human being. We’re not tracking you; we’re not spying on you; we’re not selling your data. We’re just giving you free money.”
Altman said that Worldcoin has already distributed its tokens to over 100,000 people in 15 countries, mostly in Africa and Latin America. He said that the project is still in its early stages, but he hopes to scale it up to reach billions of people in the next few years. He also said that he hopes that Worldcoin will inspire other projects and initiatives to use crypto for social good.
“We’re not trying to replace Bitcoin or Ethereum or any other crypto,” Altman said. “We’re trying to complement them and expand them and democratize them. We’re trying to create a new layer of value and trust and cooperation on top of them. We’re trying to use crypto for good.” The US government should not fear or fight crypto, but rather learn from it and adopt it. Crypto is the future of money, and the US should be at the forefront of it.