Stephen Macaskill, CEO of Amagi Metals, did an AMA interview on Reddit yesterday, during which he revealed some of his feelings toward cryptocurrency.
The company announced last week that it would be accepting cryptocurrency exclusively by the beginning of 2017, and he answered several questions in relation to that.
Questions From The Community
When asked how much of a Bitcoin purchase the company actually keeps in Bitcoin, he revealed that one of the current roadblocks is getting the people from which they order their products to accept cryptocurrency. “We’re pushing hard for our suppliers to accept crypto,” he said. “As soon as that starts happening it will be closer to 90- 100%.”
Macaskill also said “We convert the funds we need to purchase inventory with fiat, keep the profit in BTC,” and that “we also like trading and diversifying into other cryptocurrencies,” which he specified as Dogecoin, Vertcoin, BlackCoin, and “a few others here and there.”
When asked about the BitLicence, he expressed concern with “any kind of government regulation. They mean well, but usually create barriers to entry into industry allowing for monopolies and inefficient service to those industries.”
If there was ever any doubt as to Macaskill’s personal commitment to Bitcoin, he confirmed that about 40% of his personal net worth is held in Bitcoin, though he’s “not sure the exact percentage.”
Confidence In Crypto
Though many companies have begun accepting Bitcoin recently, very few have made the commitment to be crypto-only. A couple of small shops here and there do so, but Amagi is certainly the most high profile business.
But does this confidence come from a belief in the strength of cryptocurrency, or the weakness of fiat currency?
One user asked him if he had any predictions about the US dollar going forward, and Macaskill didn’t mince words with his response: “The dollar is screwed.”
If the US dollar begins to experience hyperinflation, which some believe will happen sooner or later, cryptocurrency will already be in place. While Macaskill believes “there will always be a need for gold as a storage of wealth”, cryptocurrency is a good alternative.
Amagi Metals' Stephen Macaskill: "The Dollar Is Screwed"
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