--- title: "Meaning & Key Takeaway of: There is an opportunity to recreate the…" description: "\"There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this wh..." image: "https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg" --- # There is an opportunity to recreate the financial world as… ![“There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.” quote by Patrick M. Byrne](https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg) [Download](https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg) [Open image](https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg) > “There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.” [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. We can redesign finance from the ground up using blockchain, creating new rules for a digital economy. **In simple terms:** Blockchain lets us rebuild finance with fresh rules. Key Takeaway Embrace the chance to shape a new financial system. Themes innovation finance technology decentralization future Mood optimistic visionary Type strategic inspirational When to use this quote - startup founders - policy makers - financial analysts - regulators - investors Key Concepts cryptocurrency smart contracts distributed ledger economic theory Questions to Reflect On - How will new rules affect existing institutions? - What safeguards are needed for a digital financial universe? A Different Perspective Implementation faces legal, regulatory, and adoption hurdles. ★ ★ ★ ★ ★ No ratings yet [Currency](https://sms4smile.com/quotes/about/currency/) [Money](https://sms4smile.com/quotes/about/money/) [Opportunity](https://sms4smile.com/quotes/about/opportunity/) [Parallel universe](https://sms4smile.com/quotes/about/parallel-universe/) [Rules](https://sms4smile.com/quotes/about/rules/) [Universe](https://sms4smile.com/quotes/about/universe/) [World](https://sms4smile.com/quotes/about/world/) ## Related quotes > [The financial world is at the cutting edge of high technology.](https://sms4smile.com/quotes/robert-harris/the-financial-world-is-at-the-cutting-edge-of-high-technology/) [Robert Harris](https://sms4smile.com/quotes/author/robert-harris/) > [If you trade in paper, the notion of many who trade gold - the Ayn Randers - if the financial world comes to an…](https://sms4smile.com/quotes/rick-santelli/if-you-trade-in-paper-the-notion-of-many-who-trade-gold-the-ayn/) [Rick Santelli](https://sms4smile.com/quotes/author/rick-santelli/) > [The financial markets tend to be just a backdrop for a novel, for a heist or something that isn't necessarily integral to it. On…](https://sms4smile.com/quotes/robert-harris/the-financial-markets-tend-to-be-just-a-backdrop-for-a-novel-for-a/) [Robert Harris](https://sms4smile.com/quotes/author/robert-harris/) > [I consider most of the talent in the financial world to be suboptimal. It could be better placed earning its living in the real…](https://sms4smile.com/quotes/jeremy-grantham/i-consider-most-of-the-talent-in-the-financial-world-to-be-suboptimal/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates.](https://sms4smile.com/quotes/blythe-masters/the-blockchain-is-the-financial-challenge-of-our-time-it-is-going-to/) [Blythe Masters](https://sms4smile.com/quotes/author/blythe-masters/) > [J.D., MBAs typically go into the financial world. What I love is driving the top line.](https://sms4smile.com/quotes/shira-goodman/j-d-mbas-typically-go-into-the-financial-world-what-i-love-is-driving/) [Shira Goodman](https://sms4smile.com/quotes/author/shira-goodman/) > [In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it…](https://sms4smile.com/quotes/charlie-munger/in-engineering-people-have-a-big-margin-of-safety-but-in-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Sensible risk-taking isn't just important in the financial world; risk traverses all industries.](https://sms4smile.com/quotes/randi-zuckerberg/sensible-risk-taking-isn-t-just-important-in-the-financial-world-risk/) [Randi Zuckerberg](https://sms4smile.com/quotes/author/randi-zuckerberg/) > [While one can't always begrudge the wealth of people who have at least produced something of value, the rich of the financial world don't…](https://sms4smile.com/quotes/lionel-shriver/while-one-can-t-always-begrudge-the-wealth-of-people-who-have-at/) [Lionel Shriver](https://sms4smile.com/quotes/author/lionel-shriver/) > [The brain scientists are the wave of the future in the financial world. If you seek to maximize understanding, whether you're in academia or…](https://sms4smile.com/quotes/daniel-kahneman/the-brain-scientists-are-the-wave-of-the-future-in-the-financial/) [Daniel Kahneman](https://sms4smile.com/quotes/author/daniel-kahneman/) > [The model used by Wall Street to price trillions of dollar's worth of derivatives thought of the financial world as an orderly, continuous process.…](https://sms4smile.com/quotes/michael-lewis/the-model-used-by-wall-street-to-price-trillions-of-dollar-s-worth-of/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) > [The U.S. will lose its status as the superpower of the world financial system. The world will become multi-polar.](https://sms4smile.com/quotes/peer-steinbruck/the-u-s-will-lose-its-status-as-the-superpower-of-the-world-financial/) [Peer Steinbruck](https://sms4smile.com/quotes/author/peer-steinbruck/) > [“His willingness to throw open a window on the American financial world, and to show people what it has become, still takes my breath…](https://sms4smile.com/quotes/michael-lewis/his-willingness-to-throw-open-a-window-on-the-american-financial/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) > [The math you need for most of finance is ninth-grade algebra, and most people feel reasonably comfortable with that. But I think the financial…](https://sms4smile.com/quotes/sal-khan/the-math-you-need-for-most-of-finance-is-ninth-grade-algebra-and-most/) [Sal Khan](https://sms4smile.com/quotes/author/sal-khan/) > [If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at…](https://sms4smile.com/quotes/manmohan-singh/if-you-don-t-have-a-functioning-financial-system-the-world-economy/) [Manmohan Singh](https://sms4smile.com/quotes/author/manmohan-singh/) ## More by Patrick M. Byrne > [I'm not in the business of bayoneting the wounded. I feel the blockchain revolution is kind of my victory. I don't care whether I…](https://sms4smile.com/quotes/patrick-m-byrne/i-m-not-in-the-business-of-bayoneting-the-wounded-i-feel-the/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [This is where the block chain is most useful and revolutionary: It helps us to overcome the problem of mutual trust in exchange, which…](https://sms4smile.com/quotes/patrick-m-byrne/this-is-where-the-block-chain-is-most-useful-and-revolutionary-it/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [There are dodgy characters in Bitcoin. But there are dodgy characters in cash, too.](https://sms4smile.com/quotes/patrick-m-byrne/there-are-dodgy-characters-in-bitcoin-but-there-are-dodgy-characters/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [People didn't know where they could trade. When everybody owes each other IOUs that can be in multiple places at once, that's how the…](https://sms4smile.com/quotes/patrick-m-byrne/people-didn-t-know-where-they-could-trade-when-everybody-owes-each/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite…](https://sms4smile.com/quotes/patrick-m-byrne/i-ve-been-all-over-meeting-government-ministers-and-such-in-caribbean/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [If we get to a world of digital securities, then there isn't a need for DTC and Cede & Co. anymore. It's a really…](https://sms4smile.com/quotes/patrick-m-byrne/if-we-get-to-a-world-of-digital-securities-then-there-isn-t-a-need/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [How high can bitcoin go? The real question is how low can the dollar go?](https://sms4smile.com/quotes/patrick-m-byrne/how-high-can-bitcoin-go-the-real-question-is-how-low-can-the-dollar-go/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [For the first time in 6,000 years of human history, we can have peer-to-peer exchange where trust is not a problem anymore. And it's…](https://sms4smile.com/quotes/patrick-m-byrne/for-the-first-time-in-6-000-years-of-human-history-we-can-have-peer/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [The main event isn't bitcoin. It's using the blockchain to disrupt other industries and Wall Street.](https://sms4smile.com/quotes/patrick-m-byrne/the-main-event-isn-t-bitcoin-it-s-using-the-blockchain-to-disrupt/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [The virtues of the blockchain is that it would be that it's peer-to-peer settlement - no centralized settlement, no manipulation... And most importantly, there's…](https://sms4smile.com/quotes/patrick-m-byrne/the-virtues-of-the-blockchain-is-that-it-would-be-that-it-s-peer-to/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [We want enough people adopting Bitcoin for a robust infrastructure. It's an act of patriotism. It gives the country a robust parallel system.](https://sms4smile.com/quotes/patrick-m-byrne/we-want-enough-people-adopting-bitcoin-for-a-robust-infrastructure-it/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [I've been in a room in Silicon Valley where on the wall they have 160 industries they think blockchain can disrupt. We picked six…](https://sms4smile.com/quotes/patrick-m-byrne/i-ve-been-in-a-room-in-silicon-valley-where-on-the-wall-they-have-160/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [You're going to start seeing open-source, self-executing contracts gradually improve over time. What the Internet did to publishing, blockchain will do to about 160…](https://sms4smile.com/quotes/patrick-m-byrne/you-re-going-to-start-seeing-open-source-self-executing-contracts/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [There are regulators at the SEC and elsewhere who are really excited about the potential of the blockchain. They understand you can build a…](https://sms4smile.com/quotes/patrick-m-byrne/there-are-regulators-at-the-sec-and-elsewhere-who-are-really-excited/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [Cryptocurrencies in general give us a stable medium through which we can communicate our information about values and prices in a way that no…](https://sms4smile.com/quotes/patrick-m-byrne/cryptocurrencies-in-general-give-us-a-stable-medium-through-which-we/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) [Explore all 29 Patrick M. Byrne quotes ](https://sms4smile.com/quotes/author/patrick-m-byrne/) ## More Currency quotes > [A man walks down the street. It's a street in a strange world. Maybe it's the third world. Maybe it's his first time around.…](https://sms4smile.com/quotes/paul-simon/a-man-walks-down-the-street-it-s-a-street-in-a-strange-world-maybe-it/) [Paul Simon](https://sms4smile.com/quotes/author/paul-simon/) > [Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is…](https://sms4smile.com/quotes/peter-schiff/most-paper-money-initially-existed-as-a-substitute-for-gold-that-s/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency.…](https://sms4smile.com/quotes/peter-schiff/when-the-dollar-collapses-it-s-not-doing-it-in-a-vacuum-if-the-dollar/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [The bitcoin network is not a payments network and it is not a scaling network.](https://sms4smile.com/quotes/sam-bankman-fried/the-bitcoin-network-is-not-a-payments-network-and-it-is-not-a-scaling/) [Sam Bankman-Fried](https://sms4smile.com/quotes/author/sam-bankman-fried/) > [I'm not in the business of bayoneting the wounded. I feel the blockchain revolution is kind of my victory. I don't care whether I…](https://sms4smile.com/quotes/patrick-m-byrne/i-m-not-in-the-business-of-bayoneting-the-wounded-i-feel-the/) [Patrick M. Byrne](https://sms4smile.com/quotes/author/patrick-m-byrne/) > [If you do more than your share you'd better want to: otherwise, you're paying yourself in a currency recognized nowhere else.](https://sms4smile.com/quotes/james-richardson/if-you-do-more-than-your-share-you-d-better-want-to-otherwise-you-re/) [James Richardson](https://sms4smile.com/quotes/author/james-richardson/) > [“Relationships are the currency of business.”](https://sms4smile.com/quotes/brian-basilico/relationships-are-the-currency-of-business/) Brian Basilico > [The spectacle of a great, solvent government paying a fictitious price for gold it did not want and did not need and doing it…](https://sms4smile.com/quotes/garet-garrett/the-spectacle-of-a-great-solvent-government-paying-a-fictitious-price/) [Garet Garrett](https://sms4smile.com/quotes/author/garet-garrett/) > [I had been exposed to bitcoin early. I thought the consumer application of it felt, to me, further away. I thought there would be…](https://sms4smile.com/quotes/brad-garlinghouse/i-had-been-exposed-to-bitcoin-early-i-thought-the-consumer/) [Brad Garlinghouse](https://sms4smile.com/quotes/author/brad-garlinghouse/) > [This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in…](https://sms4smile.com/quotes/michael-hudson/this-is-not-really-currency-that-circulates-it-s-like-the-old-joke/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [This separation was absolute in our original Republic. But the sky-godders do not give up easily. In the 1950s they actually got the phrase…](https://sms4smile.com/quotes/gore-vidal/this-separation-was-absolute-in-our-original-republic-but-the-sky/) [Gore Vidal](https://sms4smile.com/quotes/author/gore-vidal/) > [As far as income goes, there are three currencies in the world; most people ignore two. The three currencies are time, income and mobility,…](https://sms4smile.com/quotes/tim-ferriss/as-far-as-income-goes-there-are-three-currencies-in-the-world-most/) [Tim Ferriss](https://sms4smile.com/quotes/author/tim-ferriss/) > [The euro is not a currency. It is a political weapon to force countries to implement the policies decided by the E.U. and keep…](https://sms4smile.com/quotes/marine-le-pen/the-euro-is-not-a-currency-it-is-a-political-weapon-to-force/) [Marine Le Pen](https://sms4smile.com/quotes/author/marine-le-pen/) > [“Key Points: ● Transparency - Blockchain offers significant improvements in transparency compared to existing record keeping and ledgers for many industries. ● Removal of…](https://sms4smile.com/quotes/mark-gates/key-points-transparency-blockchain-offers-significant-improvements-in/) Mark Gates > [In 2008, Bitcoin was mysteriously introduced to the world in an obscure, technical paper written under the pseudonym Satoshi Nakamoto. By late 2013, the…](https://sms4smile.com/quotes/steve-hanke/in-2008-bitcoin-was-mysteriously-introduced-to-the-world-in-an/) [Steve Hanke](https://sms4smile.com/quotes/author/steve-hanke/) [Browse all 1,256 Currency quotes ](https://sms4smile.com/quotes/about/currency/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.", "creator": { "@type": "Person", "name": "Patrick M. Byrne" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/patrick-m-byrne/there-is-an-opportunity-to-recreate-the-financial-world-as-we-know-it/", "about": { "@type": "Thing", "name": "Currency" }, "@id": "https://sms4smile.com/quotes/patrick-m-byrne/there-is-an-opportunity-to-recreate-the-financial-world-as-we-know-it/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg", "contentUrl": "https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg", "url": "https://sms4smile.com/quotes/i/710/patrick-m-byrne-21547_money_there-is-an-opportunity-to-recreate-the_1552931.jpg", "width": 1080, "height": 1080, "caption": "“There is an opportunity to recreate the financial world as we know it in the parallel universe that is the…” — Patrick M. Byrne", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Patrick M. Byrne", "item": "https://sms4smile.com/quotes/author/patrick-m-byrne/" }, { "@type": "ListItem", "position": 4, "name": "There is an opportunity to recreate...", "item": "https://sms4smile.com/quotes/patrick-m-byrne/there-is-an-opportunity-to-recreate-the-financial-world-as-we-know-it/" } ], "@id": "https://sms4smile.com/quotes/patrick-m-byrne/there-is-an-opportunity-to-recreate-the-financial-world-as-we-know-it/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```