Kurzweil on Bitcoin: “I wouldn’t put my money into it.”br>
Futurist Ray Kurzweil, the head of Google’s engineering lab, is not a bitcoin fan.
Best-known for his prediction on the advent of the Singularity, a sentient artificial intelligence, Kurzweil turned his attention to cryptocurrency at the recent Exponential Finance Summit in New York City.
His take on bitcoin: “Currencies like the dollar have provided reasonable stability. Bitcoin has not. And it’s not clear to me that the whole mining paradigm can provide that type of stability. We’ve seen tremendous instability with bitcoin, so I wouldn’t put my money into it. I certainly do think there could be alternatives to national currencies emerging in the future. Algorithmic ones are a possibility, I just don’t think we’ve arrived at the right algorithm yet.
Kurzweil is more optimistic about blockchain, saying, “I think once we can demonstrate confidence, then yes, a blockchain currency makes sense, and being able to document transactions securely, but there’s a lot to work out.”