Digital assets such as bitcoin offer protection against government-driven inflation, the chess legend argued.
In particular, he said cryptocurrencies are a good tool for people to fight back against what he sees as government overspending, which he says is leading to strong inflation that erodes the value of assets.
"In the democratic countries in America and Europe, trillions of dollars will be printed," he told the crypto news website."I'm not happy to see that the government has a free hand to use my taxes, basically to devalue [the dollar]." He added:"I think it's very important that technology would offer me an opportunity to fight back, to protect my hard-earned fortune. 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, in 10 years' time, the dollar will be replaced by the basket of coins as a standard."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Father appears in court for allegedly murdering his 10-month-old babyNeighbours told the accused’s girlfriend that they had found a baby's body behind their shack.
Read more »
10-Point financial checklist for 2022Wouter Fourie of Ascor_Wealth shares 10 financialplanning tips, including: take advantage of financial opportunities before the tax year closes (Feb 28) e.g. year-end tax deductions and retirement plan contributions. personalfinance resolutions
Read more »
Wall Street Bets mourns loss of crypto meme-famous Bogdanoff twins who died of CovidRetail traders suggested in memes that the Bogdanoff twins controlled the crypto market by pumping and dumping assets.
Read more »
Clever buys: 10 players who arrived with little fanfare, but turned out to be huge hits in the PSLThe opening of the transfer window on January 1 means clubs can add to their squads for the remainder of the campaign, with one major deal already confirmed as Surprise Ralani has made the switch from Cape Town City to Mamelodi Sundowns.
Read more »
Clever buys: 10 players who arrived with little fanfare, but turned out to be huge hits in the PSLThe opening of the transfer window on January 1 means clubs can add to their squads for the remainder of the campaign, with one major deal already confirmed as Surprise Ralani has made the switch from Cape Town City to Mamelodi Sundowns.
Read more »
Clever buys: 10 players who arrived with little fanfare, but turned out to be huge hits in the PSLThe opening of the transfer window on January 1 means clubs can add to their squads for the remainder of the campaign, with one major deal already confirmed as Surprise Ralani has made the switch from Cape Town City to Mamelodi Sundowns.
Read more »