Jim McSorley, a keen digital asset investor, sat down with NuView Trust to share his thoughts on the impact of current inflation on the future of digital assets.
Hard Times Breed Innovation
It’s the summer of ‘22 and many people are going through serious hard times due to unprecedented high inflation – from the average consumer to the experienced investor. Jim himself commented how “things are more expensive,” and “harder to acquire.”
But he offered a keen prediction, based on the old adage, ‘necessity is the mother of invention’: “I imagine that we’re going to see more and more innovation coming out of these [digital asset] technologies at an even faster rate than we would’ve otherwise.”
The Spark of Incentive
Jim described the effect of this climbing inflation has hampered the available capital for many investors, leaving digital asset companies in desperate need of an edge against the traditional investment markets.
He claimed this desperation is the spark that will incentivize these companies and technologies to find new ways for people to invest and manage their money.
“I think we’re going to see a lot of people who have a lot of time to invest but don’t necessarily have a lot of money to invest because things may become difficult – And I think it’s going to just be like jet fuel on the innovation fire.”
Hope For The Future
Jim called out the current banking system that the vast majority of Americans use, “there’s a lot of things that are inefficient in that model.”
The current struggle of the average public just to keep up with their monthly expenses proves how the current system just isn’t working.
“We need a better system. We need something that’s faster, smarter, cheaper.”
With a hopeful tone, Jim added that the current banking system, which dictates the movement of wealth and assets, could be facing a “more streamlined” reformation and ultimately be replaced.
“Over the next five to 10 years it’s going to replace everything else that we’re doing the same way, the internet replaced everything else that we’re doing today.”
The Legacy Starts Now
Jim believed wholeheartedly that “the next five years is going to be a peak of innovation” for American banking and digital asset investing.
He left us with this positive message: “In 10 years, 15 years, you’re going to look back and say, that was an amazing time of innovative growth.”
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“We were talking earlier about the impact of inflation on the economy and where we might be going economically. During hard times where things are more expensive, where they’re harder to acquire, is where we see innovation.
Over the next five years, if the economy becomes even more [of a] struggle for people, I imagine that we’re going to see more and more innovation coming out of these technologies at an even faster rate than we would’ve otherwise.
Because if everybody’s making lots of money in the regular stock market, with traditional equities, then where’s the incentive to invest in innovation, not just invest money, but invest your time.
So I think we’re going to see a lot of people who have a lot of time to invest, but don’t necessarily have a lot of money to invest because things may become difficult.
And I think it’s going to just be like jet fuel on the innovation fire.
Necessity is the mother of invention.
We need a better system. We need something that’s faster, smarter, cheaper.
And as we mentioned earlier, the infrastructure of the banking system – there’s a lot of things that are inefficient in that model.
I think we could actually start seeing [a] replacement of this sort of underlying infrastructure that makes the transfer of money and the transfer of wealth and the transfer of assets even more streamlined.
And during difficult economic times is when people are going to become even more innovative than they were before.
So the long term value of digital assets isn’t just in the genius that is blockchain, but it’s also in the fact that the existing underlying systems are going to start getting replaced at an even faster rate.
As companies look for even more efficiencies, even greater ways to, to save money or to make more money – the next five years is going to be a peak of innovation.
And if there’s an economic downturn, I think that innovation’s going to happen even faster. And that’s the basis, I think that’s going to be the legacy of digital assets.
In 10 years, 15 years, you’re going to look back and say, ‘that was an amazing time of innovative growth.’ And I think Kathy Wood will ultimately be proven right, as long as you can stay with these technology companies and especially blockchain.
Over the next five to 10 years it’s going to replace everything else that we’re doing the same way, the internet replaced everything else that we’re doing today.”