“I suggest we nominate Satoshi Nakamoto, the founder of Bitcoin, for a Nobel Prize in economics,” said Daniel Leon, co-founder and COO of Celsius Network, while making his case for cryptocurrencies at Calcalist and Bank Leumi’s Mins the Tech NY 2021 Conference Tuesday. “This guy brought more economic prosperity to hundreds of thousands of people than most economists in academia,” he insisted.
“Crypto is the innovation of trust,” Leon went on. “Until today we had to have a centralized organization, a centralized institution standing between us, buyers and sellers. Banks, credit cards, PayPal, government, I say that putting all of our faith and trust in centralized organizations is a really bad idea because power corrupts, And ultimate power corrupts ultimately.”
“When you lend money to your bank, it pays you 0.1%, but when you borrow money from the bank you pay 7.73% interest. How is that fair? To make things worse when the bank fails, governments bail them out, and when governments fail they just print money, 30% of all dollars in circulation were printed in the last 18 months.”
According to Leon, “crypto turns everything on its head, we trust the code and not some middle man, as a result, you can transfer vast amounts of money, nearly instantly for incredibly low fees with perfect knowledge everything will go as planned.”
Watch the full presentation in the video above
