World Chess Maestro Garry Kasparov: Fear Of Cryptocurrencies Too Much!

Chess grandmaster Garry Kasparov supports crypto and blockchain (ece.umass)

JAKARTA – The living legend of world chess player Garry Kasparov believes that cryptocurrencies including Bitcoin and altcoins will rise. Kasparov views the rise of cryptocurrencies as unavoidable despite several ways by world governments to stem the rate of cryptocurrencies.

The Russian chess grandmaster admits that he supports blockchain and cryptocurrencies, including Bitcoin. Kasparov expressed his opinion when interviewed by Forbes. He explained several benefits of digital assets including personal protection and financial control that can be obtained by the owner.

One of the greatest chess players of all time, Kasparov has spent 225 of his 228 months active as the world's number one chess player. Kasparov then retired in 2005, he was a writer and political activist.

Arguably the greatest chess player of all time, Kasparov spent 225 of his 228 active months as the world's number one. After retiring in 2005, history records the former World Chess Champion several times as a book writer and political activist.

In an interview with Forbes, Kasparov indicated that he is a supporter of cryptocurrencies. He said that the limited supply of Bitcoins at 21 million is a very good thing because there is transparency in terms of numbers. This is different from the dollar that is often issued by The Fed.

“The good thing about Bitcoin is that you know the exact number – the magic number 21 million”, said Kasparov.

“We understand the formula behind that [limited supply of BTC]. But when you look at the other side, The Fed, for example, you never know how many trillion dollars will show up in the market tomorrow that will hurt your savings.”

Kasparov's remarks coincided with the decision of US billionaire Paul Tudor Jones, who announced that he had decided to buy Bitcoin as part of an effort to counter the potential consequences of the so-called stimulus package, in which the Fed prints trillions of dollars in a few months.

In addition, the chess maestro who became chess player No. 1 in the world in 1984 with a FIDE rating of 2710 for 12 years believing in blockchain technology as well as for cryptocurrencies. Kasparov views crypto as “neither inherently good nor bad” because it is part of emerging technology. Kasparov sees that crypto is misunderstood by many.

“You can use nuclear technology to make bombs or reactors. Now, we hear a lot about the potential downsides of cryptocurrency as it can help bad guys steal money. Actually, this fear is too much.”

Furthermore, Kasparov argues that currently there is a privacy crisis because the government is increasingly controlling the lives of many people, including finances. As such, the emergence of crypto is “always welcome” as it offers owners to be in control of their own finances and privacy. He continued that cryptocurrencies “offer us the opportunity to take back financial control or control over our privacy.”

“That is why I think the steady increase in the popularity of Bitcoin, other cryptocurrencies, and blockchain technology as a concept is inevitable as it is a response to the shift of power from individuals to states or other institutions that can regulate our privacy without our consent”, said Chess grandmaster Garry Kasparov, who wrote the book Winter Is Coming: Why Vladimir Putin and the Enemies of the Free World Must Be Stopped.