Yahoo's Co-founder: I Believe Bitcoin Able to Influence Our Future

December 9, 2017

Yahoo's Co-founder: I Believe Bitcoin Able to Influence Our Future

Jerry Yang, a co-founder of the company owning one of the oldest Internet search engines Yahoo, shared his views on the future of the cryptocurrency and the possible impact that it can have.

"Bitcoin has not matured yet as a means of payment, but I believe that in the future it will be able to play an important role in the development of our society," Yang said. "However, at the moment, in my opinion, all the excitement around the currency can be explained by the possibility of using it as monetary funds. In my opinion, it is more appropriate to use this currency as a way of storing funds for transactions."

The representative of Yahoo added that using BTC as a "bridge" for transactions would create a more efficient and transparent payment system.

Also, he pointed out similarities between Bitcoin's volatility and the performance of the first Internet companies' shares.

One should recall that a similar idea to use the cryptocurrency was put forward by Bank of America. In 2014, the bank filed a patent application for the creation of a system of non-cash transfers based on the cryptocurrency. The project assumed that the payer's money, when transferred to a foreign payee, would be converted into a digital currency. Later, at the point of destination, the funds were to be converted into the payee's national currency.

It is not the first time that Yahoo expresses its enthusiasm for cryptocurrencies. Most recently, the well-known American crypto exchange Coinbase has announced its cooperation with Yahoo Finance. For example, a column with the current exchange rate of digital currencies was added to the portal site, and its mobile application made it possible for the platform users to check their accounts.

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