GMB – How will the iGaming market look from the perspective of cryptocurrencies, given that there have been various guidelines and regulations regarding payment methods?
Fabio Tiberia – Cryptocurrencies are regulated worldwide, including in the United States and several Eastern countries. They are not yet regulated in Brazil, but in the very near future, cryptos will become the new currency and a form of transaction on sports betting sites.
Until that time comes, what will the platforms that currently offer crypto betting do? Will they have to stop offering it?
With the new regulation, yes. The government has taken a cautious strategy because cryptos are new currencies and need to be tracked and controlled. The government is studying protocols that will be applied in the future. New houses, without a license, will not be able to operate with cryptocurrencies when they are ready to operate.
Is this for the time being? Will this change in the future and will Brazil regulate the crypto world?
Exactly. Brazil is one of the most unbanked countries today. There are about 45 million people without a bank account. Therefore, with cryptocurrencies, there will be a democratization of the financial system. This has already happened in several countries like Nigeria and South Africa, where people are using blockchain protocols, Bitcoin, and stablecoins for financial transactions.
People ask: If I don't have a bank account, how will I have a crypto account?
Because it is a decentralized system and control does not belong to a bank. Today, our financial system is centralized to an entity that determines whether you have the right to a bank account. With crypto, it is possible to work with real money. The Brazilian system is sometimes cruel, with high-interest rates for debts in case of account holder difficulty, the bank will close your account. With cryptos, this does not happen because it is a protocol focused on real money.
In the future, will betting houses be able to offer crypto betting, but where will these cryptos be? Will the user have an app where they are stored?
That's right. The concept is this. The money will be under the direct control of the user, without intermediaries, in a digital wallet, very simply. It is similar to the Brazilian Pix, just the custody concept, which is not with a bank, but with me.
What is the future of Bitcoin, the most well-known crypto in the world?
Bitcoin is considered digital gold and has shown significant growth, providing a form of transaction that does not depend on intermediaries like banks. In 2018, I predicted it would rise by 1,500%. It was priced at US$3,000 and today it's worth almost US$70,000. It has grown a lot because it is a deflationary currency. Banks keep printing money, which is just paper, and it loses value with inflation. Bitcoin does not suffer from this.
Will it continue to rise?
My prediction is that in three or four years, it will reach US$300,000 or $400,000. And it's not just my prediction, but of many scholars. Bitcoin was recently regulated in the United States, and individuals can conduct transactions and trading operations with Bitcoin and other cryptocurrencies, with financial institutions increasing its acceptance and use globally.
Source: Exclusive GMB
