Arthur Hayes, CEO of crypto exchange platform BitMEX, recently said that Bitcoin is society’s best hope for a private form of money. The Seychelles-based BitMEX has risen to become one of the larger crypto trading and exchange platforms in the world. Its CEO, who is known to be bullish on the future of cryptocurrencies, has stated that digital assets will be the new private form of money.
To expound his theory, Hayes used WeChat Pay as an example. The platform, which is one of the most innovative payment platforms in China, makes it easy for customers to pay merchants seamlessly on a mobile app connected to your bank account.
Hayes believes that, while payment platforms like WeChat Pay are gradually disrupting traditional fiat payments, a potential issue that could arise in the future is the one of privacy.
The various mobile payment systems now offered by major players in different parts of the world differ in their details. But in some cases, they know almost everything about you: what goods and services you purchase, as well as where and when you purchase them, which can presumably be linked to all the other data they have on you.