Technology

Philippines “most important crypto market next year”

Leading Australian entrepreneur Fred Schebesta sat down with co-founder of DNA crypto venture fund and Chairman of the Bitcoin foundation, Brock Pierce, for an exclusive interview while in South Korea, for the Beyond Blocks Summit Seoul last week (July 17-18).

Schebesta is co-founder of one of the world’s leading comparison sites, Finder.com, co-founder of cryptocurrency OTC brokerage service, HiveEx.com, ICO advisor, keynote speaker and award-winning entrepreneur.

The 35-minute interview discussed the key areas of focus for Brock, his mantra on living a “gifting culture”, and a forecast for the price of bitcoin (BTC) to hit over $10,000 by the year’s end.

Below are some highlights of the interview:

Brock on the gifting culture

“Most people are playing the game of compounding interest, which is self interest – how do they take care of themselves and produce more for themselves, storing value for their own benefit. I play a different game. A game I call “compounding impact”. How do you make a positive impact in the world? I’m not focused on myself. My name is Brock and it also means “broke”. I’m going for broke – I intend to give everything away of everything I have over time. Again, it’s about impact.”

After decades of working with virtual currencies and as an “entrepreneur playing the part of a VC,” Pierce was a pioneer in the scene and an early adopter and believer in the technology changing the world.

Pierce told Schebesta that he is currently involved in over 200 projects and key initiatives, and particularly interested in those that “…give people a lighthouse, to give people a reason to believe in something more than themselves.”

Calling Puerto Rico home

One such major focus is Puerto Rico, where Pierce describes the island has been dealt a bad hand for 500 years. “The real issue is that you’ve had a flight of intellectual capital, financial capital, human capital – call it a brain drain,” where the educated youth and wealth are flocking to more developed areas. Pierce is personally part of a movement to live on the island, among thousands of others from the crypto community, to invest in the next generation of people.

Philppines the market to watch

Pierce also believes that the Philippines is the market to watch next year. “The Philippines is likely to become the most important crypto market next year, in terms of where we’re starting to really impact financial inclusion.

“Two-thirds of the world’s population is unbanked or underbanked. Imagine if you had all your bank accounts shut down today, if you had all your credit cards shut off today, Paypal, Venmo, etc. What would life be like? And that’s a problem that most of the world faces if you’re in Latin America, Africa or South East Asia. In the same way Africa leapfrogged wire telecommunication and went straight to wireless. It’s this type of technology that is going to be bringing change to these people.”

The tokenized economy

As a former VC, Pierce foresees the future of the tokenized economy. “I think every stock in the world is going to end up being a security token.”

Bitcoin to hit over $10,000

And he also shared his thoughts on bitcoin and where he thinks it will end up. “I always say 5-10 years out it will be somewhere between $0 and $1 million… I doubt bitcoin will see an all-time high before the year-end but maybe. My guess is that it will be higher than it is, hopefully over $10,000.”

Watch the interview below