Justin Sun: Blockchain Prevents People from Being Poor
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In a recent interview, Justin Sun – the crypto executive behind popular digital asset firm Tron – said he’s very confident blockchain technology can ensure global poverty is relieved in the coming years.
Justin Sun on the Strength of Blockchain
In the interview, Sun commented that blockchain will eventually be needed by mankind the way standard banks are, and that its financial protocols will play a big role in keeping global poverty to a minimum. Sun said:
I think people in the United States don’t really know that for most of the world, it is very hard to get access to U.S. dollars. Ninety percent of people outside the U.S. don’t have a U.S. bank account. USDT on Tron provides them with an important opportunity to get access to U.S. dollars. USDT can become an alternative for them to store value and make payments.
He said blockchain doesn’t cut people out the way standard banks do. Blockchain doesn’t care about your credit history or what kind of jobs you’ve had in the past. All you need is an internet connection to transact, and the technology does the rest. He stated:
I think a big contributor to poverty is a lack of financial services. For people in parts of Africa, one of the biggest pain points is there is no easy way for people to store value. They can’t get access to a bank account… Blockchain provides a great solution with basically zero cost[s]. They can use this account to receive money and store value.
He says countries like the U.S. have always taken its easy access to standard financial services for granted, and he believes blockchain will play a huge part in bringing other countries to the monetary pulpit. He mentioned:
I believe blockchain will become one of the most important parts of national infrastructure, like gas or water. Everybody can use it every day without a very big cost.
He also mentioned stable coins are very important in that they can assist those who cannot gain access to cash or fiat currencies:
I have always believed stablecoins have the biggest use case outside of the US.
His Company’s Getting Bigger
He said that assets like Tron are growing quite rapidly, and he thinks his network will do great things for the financial world as people can open accounts on the platform for free:
Currently, our transaction volume is about $14 billion per day. Since the inception of the network, we have made several trillion dollars’ worth of transactions. We believe it’s going to continue to grow, since more and more people have this kind of demand, especially outside of the United States. We will continue to work to drive the usage and to provide the most important infrastructure globally.
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