Feng Lun, chairman of Beijing Vantone Real Estate: Bitcoin can replace traditional paper money in future
Feng Lun, one of China’s most famous businessmen, the founder of Vantone Real Estate, said that he disagrees with Charlie Munge’s views on Bitcoin. According to him, people cannot deny the rationality and future trends of Bitcoin itself, and he is more optimistic about the leading cryptocurrency.
Feng Lun, Chairman Vantone Real Estate
Feng Lun is quite pro-Bitcoin
In an interview with Weixin, the host mentioned that Berkshire Hathaway Vice Chairman Charlie Munger called Bitcoin disgusting and contrary to the interests of civilization and want to know what he thinks of Bitcoin.
“Of course, I hate the bitcoin success,” Munger stated at that time. “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air. I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”
In this regard, Feng argues that he has a different view from Munger. He considers himself more optimistic and can talk about Bitcoin from a creative perspective.
“Many innovative things, when they first appeared, so-called normal people thought it was a monster, and rejected it, and found many of its faults. But the interesting thing is that in the end, these new things often defeat the old things and eventually become the dominant ones”, he stated.
He also compared Bitcoin to stocks. In a Western market economy, stocks can be the norm. But, in the early stages of reform and opening up, some research on securities started slowly in the early 1980s. At that time, in the first study of stocks, the study of the share system, many people started criticizing, let alone buying and selling stocks. When the stock market first appeared, once some stockholders lost money, they still clamored to smash the exchange. Now, everyone is watching the rise and fall of the stock market, and losing money and making money are expected.
“I think Bitcoin is the same. At first, it was not noticed, but when everyone noticed it suddenly, the argument arose. When discussing Bitcoin, one should also understand the blockchain. With the advancement of blockchain, many financial operations have been developed, and many digital currencies similar to Bitcoin have emerged”, he added.
As a unique and new form of currency, according to him, cryptocurrency has some advantages compared to traditional paper money, such as more security, more confidentiality, fairer, better records, and better search. Because of these advantages, he thinks crypto will surely replace traditional paper money in the future.
Of course, in this process, as the frequency of transactions and the scope of use change, there will be more and more relevant laws and regulations and more and more standardized.
There are some suggestions that Feng was recently involved in contract fraud and was filed for investigation. According to Equal Ocean, Feng used his position to embezzle 42.48 million yuan of funds, and this massive amount of funds belonged to a central enterprise.
On the evening of August 13, Feng told a reporter from 21st Century Business Herald that the rumors were baseless and there was no matter on file. As of press time, the company has not officially released public information on this case.
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