Sir Richard Branson explains why he endorses the Australian Digital Currency Commerce Association and supports Bitcoin in an op-ed.
The founder of Virgin Group Sir Richard Branson, published an op-ed on the Australian Digital Currency Commerce Association's blog, where he expresses his opinion on why he believes in Bitcoin's disruptive potential, and addresses his support to the Australian Digital Currency Commerce Association (ADCCA) for its consistent work on standardizing Bitcoin.
"Bitcoin is making considerable waves in the finance sector. I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
The businessman argues that many people aren't satisfied with the usual business approach of major payment networks, and believes that Bitcoin has the ability to address the major concerns that is facing our society:
"There’s a real desire for greater levels of control, freedom and scrutiny over what happens with our money, Bitcoin addresses these concerns and that is why so many people believe it represents the future."
Although Bitcoin has gained many supporters during the past year, Branson says there is still work to be done, notably to ensure that Bitcoin operates under a "best practice regulatory regime." Thus, the businessman endorses the ADCCA, which he says "had been working hard to achieve this goal and deserve credit for [its] efforts."
The ADCCA is Australia's leading council and representation of and for digital currency businesses. The organization aims to speak at a national and international level on behalf of the country's digital currencies businesses, and is led by chairman and CEO of Bitcoin exchange Bit Trade Australia, Ronald Tucker. The lobby group is leading up the G20 Summit next month.
Branson continues with the disruptive nature of Bitcoin, and believes that established online payment systems shouldn't fear Bitcoin, as they also have a lot to gain from its presence. He argues:
"Services will be given the opportunity to make themselves more responsive and price competitive, who wouldn’t want to offer that to their customers?"
Even though "it feels strange to think of a world without cash, no more coins or notes," Branson believes it is the way the world is heading. Thus, the entrepreneur had invested in many Bitcoin and banking alternatives companies, including Bitpay and TransferWise. Along with seeing real potential in these startups, Branson hopes "to be a part of what could be a democratization that helps to put more power and control back into the hands of the everyday citizen."
Finally, Branson finishes with the main benefits that have brought innovations, which are lowering cost and increasing convenience, and stresses that it is crucial for everyone to understand and gain access to enable the technology:
"Making sure that conversations around this are happening at the highest level will hopefully result in common sense reforms to areas such as taxation and law enforcement, which will be of real benefit to all concerned."
Sir Richard Branson is an English businessman and investor, best known as the founder of Virgin Group. According to Forbes 2014 list of billionaires, Branson is the 7th richest British citizen, with an estimated net worth of US$4.99 billion.
In late 2013, Branson announced his space flight company Virgin Galactic, would be accepting Bitcoin payments for space tickets. By February 2014, six passengers had already signed up for a trip to space using bitcoins, including the Winklevoss brothers.
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