Is Cryptocurrency the Future of Money

[Goldlife]

According to Deutsche Bank the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, Deutsche Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows.

Ilias Louis Hatzis is the Founder at Mercato Blockchain Corporation AG and a weekly columnist at DailyFintech.com

Usually this time of year, we start to read price predictions about Bitcoin going to a million bucks a coin. I’ve never been a big fan of price predictions. Some get them right, and most get them wrong. Price predictions are about short term gains, that are usually very fickle.

But a week ago, I read an interesting prediction in the news. Deutsche Bank made a very bold statement. The German bank published a research report called Imagine 2030. In this report the bank says that cryptocurrencies are currently just additions to the current money payment system. However, in the next decade they could be replacements.

Deutsche Bank predicts that the number of cryptocurrency users will grow 4x in the next ten years, reaching 200 million. This growth is almost same as that of Internet in its first 20 years.

The parallels between the Internet and crypto are stunning. Until Mosaic, the Internet was publicly funded and primarily used an academic setting. But enlightened policymakers decided to legalize commercial activity on the Internet. While, the Internet’s commercial use started with most people and businesses not knowing how to connect or use the Internet, the rails were put in place that would eventually change the future of everything.

The breakout years of simplified usage and huge user growth are not far away. The talent is abundant, the capital is here and the conditions like economic inclusion and freedom are ripe.

But, for all this to happen, there is one big uncertain x-factor. How will governments approach cryptocurrencies? For Deutsche Bank’s prediction to come true, we need enlightened policymakers that will legitimize cryptocurrencies. The report states: “First, they must become legitimate in the eyes of governments and regulators”. Very, true!

Crypto regulation could be just around the corner. As regulatory hurdles are surmounted, cryptocurrencies may become legitimate substitutes for fiat currency. Many governments will not sit by and lose control of the money supply without a vicious fight. Libra and other stablecoins may ultimately provide the road map to more widespread adoption, with stronger oversight by government regulators.

What’s even more remarkable about the report is a section that’s entitled “The end of fiat money?” That’s pretty wild, when you consider that this report comes from a huge global bank. What people in the cryptocurrency community have known for a while, banks are starting to realize now. But that’s good news!

More info: https://www.finyear.com/Is-Cryptocurrency-the-Future-of-Money_a41914.html