Why This World Chess Champion Believes Bitcoin Is Very Likely To Replace The Dollar Within A Decade

Key Takeaways

• Russian Chess grandmaster Garry Kasparov says Bitcoin and crypto could replace the dollar.
• Cryptocurrencies are a tool for achieving human freedom according to Kasparov.
• The serial chess world champion is also bullish on all crypto-related products.

Russian Chess grandmaster Garry Kasparov has predicted that Bitcoin and other cryptocurrencies may replace the dollar soon. For the grandmaster, cryptocurrencies, “with Bitcoin as the standard,” will have a key role to play in human progress.

The former world chess champion now turned political activist and commentator made the statement in an exclusive interview with CoinDesk.

Bitcoin and a handful of cryptocurrencies will replace the dollar, according to Kasparov

During the interview, Kasparov made the bold prediction that Bitcoin, and a few other cryptocurrencies would replace the dollar within the next 10 years.

“And I think that bitcoin – which I believe is online gold – and other cryptocurrencies are the way to the future. I’m not a financial expert, but I would not be surprised if, I would not be surprised if, in 10 years’ time, the dollar will be replaced by the basket of coins as a standard.” 

He explains his assertion by noting that the only cryptocurrency he was sure of lasting into the future was Bitcoin. The rest of the cryptocurrencies that are to make up the “basket of coins” that would replace the greenback were still uncertain.

This is because the crypto market is still in its formative years and could be compared to the dot com bubble, and like that era, many of the existing blockchains could go bust. “But those that survive will become the Googles of the world,” he added.

What has colored the grandmaster’s worldview?

Kasparov revealed that he has been very inclined to study the latest developments in the technology and computer world. This is because he sees technology as a tool that can be used to promote individual freedom, especially from the power of the state.

For Kasparov, the state wields too much power over the economy, especially with the printing of fiat currency, “and printing money is the most exquisite form of borrowing from us and from future generations.”

However, with the emergence of cryptocurrencies, technology only gained more force as a tool for individual freedom for him. This is because the asset class, especially Bitcoin the pioneer cryptocurrency, offers protection against the absolute power that governments have due to their strict rules enforced by consensus on the blockchain.

“And I believe that cryptocurrencies – with bitcoin as a standard – offer a protection against this onslaught of the government, because you’re protected by math. You’re protected by the limited number of any code behind the respective currency.”

Not only is his focus on cryptocurrencies but Kasparov also believes in the potential of all products related to cryptocurrencies to help promote human freedom. The chess grandmaster who was the chess world champion from 1984 to 2005 released an NFT collection in December last year that curated significant moments from his career and life. The collection features 32 NFTs released in partnership with 1Kind, and 10% of the proceeds from its sale will go to his charity, the Kasparov Chess Foundation.