World Government Summit Speech: Bitcoin Will Inevitably Become the Future of Money

News and Analysis

Speaking at the World Government Summit, Nicolas Cary, co-founder and president of, stated that cryptocurrencies are capable of disrupting the way people may handle money to pay for goods and services, and effect transactions around the globe.

Cary also noted that the Internet of Things may become an everyday reality, mentioning that, say, a refrigerator with incorporated bitcoin wallet may order and pay for groceries. Other notable cryptocurrency use cases mentioned by Carey include money savings in countries with collapsing economies, or a hedge against corrupt practices. In addition, he spoke about the amount of investment in Bitcoin technologies, which currently exceeds $1 billion.

“There is a great deal of talk about financial inclusion, but there are 2.5 billion people on Earth who do not have access to a bank account,” Cary said.

“Even in the United States, one of the wealthiest countries in the world, 20.1 per cent of households are under banked and 33 per cent of millennials do not expect to have a bank account in the next five years. If you combine all these people together, with everyone who has access to the internet over smartphones, you can see the potential for cryptocurrencies. Digital is part of everyone’s DNA. Digital money is a natural extension to the digital world. It offers frictionless and borderless transactions that are more open and more equal,” he stated.

The World Government Summit is an annual summit for officials, thought leaders, thinkers, policy makers and private sector leaders “to discuss the best ways to develop the future of government, based on the latest developments and future trends in government”, as the event’s website puts it.

Cary himself stated he was proud to “present the future of money” to the World Government Summit:

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Earlier this year Nicolas Cary has visited a few events in Ukraine. In the course of recent BIP 001 conference in Ukrainian city of Lviv he said:

Mr. Cary’s full speech at the Ukrainian conference covered pretty much the same issues he brought up at the World Government Summit in Dubai:

Whilst being in Ukraine, Cary also met with representatives of local PrivatBank, the country’s biggest private bank, which has added bitcoin to its financial services, and discussed the opportunities and risks that cryptocurrency may have. The bank’s clientele covers almost 3.9 million people, and the bank continues its efforts to propagate cryptocurrency in the country. The conversation between the bank’s representatives and president took more than an hour, and later on the bank posted its video footage on its website:

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