Garry Kasparov: Bitcoin Is Pure Speculation

News and Analysis

Chess grandmaster and former world chess champion Garry Kasparov has told Proteste Investe that he isn’t surprised about bitcoin’s high popularity, however, believes it is “fake money issued by governments in high amounts.”

According to the grandmaster, 80% of bitcoins circulate across exchanges and financial markets, and stay away from other areas. This causes him to think that cryptocurrency is there only to serve investors.

“Even though I’m not an investor but a mere former chess player, I believe bitcoin is pure speculation. Investing is a private matter, and depends only on how much people are willing to risk their money and engage in speculations,” Kasparov said.

At the same time, he thinks that digital money is a natural phenomenon of the globalization era, and calls bitcoin “a product of the free market.”

Mr. Kasparov, however, doubted that bitcoin’s protocol was 100% safe.

The grandmaster added that bitcoin’s popularity regardless of its high volatility is the sign of the world economy being in deep stagnation.

Earlier, venture investor Tim Draper suggested that cryptocurrencies could replace traditional money in the next five years.

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