World-famous chess player supports Bitcoin

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World-famous chess player supports Bitcoin

By Benson Toti - min read

Garry Kasparov believes that cryptocurrencies, particularly Bitcoin, will help to support the right to privacy

Garry Kasparov, the world’s most famous chess player, has expressed his support for cryptocurrency and blockchain technology.

Kasparov believes that technologies are the solution to the need for privacy in financial markets.

He revealed his support in an interview with Forbes contributor Roger Huang yesterday when he explained that he felt there were multiple advantages to using cryptocurrencies.

“The good thing about Bitcoin is that you know exactly the number — the magic number of 21 million,” Kasparov said, referring to the total number of Bitcoin (BTC) tokens that are to be mined.

“But when you look at the other side, the Fed for instance, you never know how many trillions of dollars will appear on the market tomorrow that will damage your savings.”

As the chair of the Human Rights Foundation, an organisation that utilises technology and digital innovations to protect the fundamental freedoms of individuals who are being threatened, Kasparov also believes that blockchain technology and cryptocurrencies such as Bitcoin are “natural choices” when it comes to protection against the infringement of privacy and human rights.

Kasparov stated that the rise in popularity of Bitcoin and other cryptocurrencies and blockchain technology was inevitable since it is a “response to the shift of power from individuals to states or other institutions that may act on our privacy without our consent”.

The influence of blockchain technology has even reached the chess community, with a chess match between the founder of Algorand, Silvio Micali and Grandmaster Sergey Karjakin being recorded on the blockchain.

Kajakin, like Kasparov, has expressed his interest in cryptocurrencies as well as its underlying technology. Micali believes that Algorand, which is a proof of stake blockchain platform, may also be used to power a more widespread adoption of chess.

Algorand is also a part of the Blockchain Game Alliance (BGA), a major blockchain gaming association.

The company’s marketing program director, Shamir Ozery, believes that this partnership will help the mainstream adoption of blockchain tech in the gaming industry.

“Our partnership with the BGA is an opportunity to spread awareness about blockchain technologies and encourage adoption by highlighting their potential to foster new ways to create, publish, play, and build strong communities around games.” Ozery wrote.

Cryptocurrencies are also favoured by sports teams and associations. There are football teams around Europe that are working with “Fan Tokens” to raise funding and discussions surrounding the future of online sports betting in cryptocurrency.