Benzinga - Balaji Srinivasan, the former CTO of Coinbase, warned that Google, Apple, and Microsoft represent the biggest threats to cryptocurrencies standing today.
What Happened: Srinivasan on Friday made a series of alarming claims regarding the fate of the developing world in an interview on the Impact Theory podcast.
According to Srinivasan, the G7 countries are facing significant financial difficulties, which could lead to the possibility of governments confiscating citizens’ digital assets, including cryptocurrencies.
"G7 countries are going to have a real problem, and they're going to be harder for money and then a lot of the world hinges on whether or not the G7 countries and China can seize digital assets. If they can, that's like one branch point in history. It means that you have total states [into] CBDCs (central bank digital currencies) and so on and so forth," he said.
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Why It Matters: Srinivasan further warned that Google, Apple, and Microsoft represent the biggest threats to the crypto-sphere. According to him, these companies have significant control over users’ data and personal information, which could potentially be exploited by governments.
"Apple has software updates and Google can get into your Google Drive and Microsoft has Windows, and if ordered by the state, in theory, they could scan your hard drive for private keys and then pull your digital assets."
Srinivasan on March 17, placed a bold bet on Bitcoin's (CRYPTO: BTC) future. He publicly wagered that Bitcoin would reach $1 million within 90 days.
Although the bet was supposed to end on June 17, Srinivasan settled it early in the first week of May.
Price Action: At the time of writing, Bitcoin was trading at $26,814, up 1.50 % in the last 24 hours, according to Benzinga Pro.
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