What future do cryptocurrencies have in the world?
Since its birth over eleven years ago, cryptocurrencies and the blockchain technology that drives them have revolutionized the world. Creating entirely new capacities in all sectors, from finance to education. However, if humanity goes through a crisis of the magnitude of the corona virus, we have to ask what the future of cryptocurrencies will look like in the world.
Eleven years of progress and setbacks
The eleven years since Satoshi Nakamoto’s publication of the Bitcoin White Paper in 2008 have been non-linear for cryptocurrencies. In fact, until 2017, neither cryptoactive nor blockchain technology was known.
This year, shortly after Bitcoin was halved for the second time, the crypto market experienced the largest bullish rally in its history. The price of BTC is around $ 20,000 per token. And place blockchain technology on the front page of all media worldwide.
Since then, prices for Bitcoin and other cryptocurrencies have risen and fallen worldwide. It is not possible to anchor in a stable value, but the price rises and falls according to the moods of the market. For this reason, cryptocurrencies have earned a reputation for being extremely volatile assets.
On the other hand, cryptocurrencies in the world have also triggered a revolution in the international economy, thanks in particular to two advances.
Blockchains-based smart contracts like Ethereum and Tron come first. These are virtual contracts that are automatically executed and protected by the blockchain and reduce the cost of entering into agreements between companies around the world.
Secondly, the tightening of international finances. Thanks to the work of cryptocurrencies like XRP, which managed to reduce the execution time of cross-border transactions from several days to just seconds.
The future of cryptocurrencies in the world
Given this record, it’s fair that we wonder what the future of cryptocurrencies will look like in the world. Especially at a time when Bitcoin questioned its quality as an asset reserve in question. And when the corona virus crisis has affected investor confidence in virtually every market.
Given this unknown, various analysts from around the world have Opinions divergent. For example, Bit2Me’s commercial director Javier Pastor believes Bitcoin: “It is better than gold as a haven for capital if there is a crisis (…) My forecast is that Bitcoin will reach (will be worth) more than $ 100,000 in 2021.”
An opinion that comes very close to that of billionaire Tim Draper. Whoever found out in a recent interview that Bitcoin has that “Ability to transform the world’s largest industries.” Twitter later added that Bitcoin and non-traditional institutions will save the day when the coronavirus crisis is over.
“Talk for a while while holding on. When the world returns, Bitcoin, not banks and governments, will save the day. “
In addition, these analyzes do not convince all market analysts. Peter Schiff, one of the world’s greatest critics of cryptocurrencies, sees Bitcoin as a classic bubble. “They have no intrinsic value. Unlike coins issued by the government, they don’t even apply to paying taxes.”
An opinion that award-winning economist Joseph Stiglitz would support. For whom cryptocurrencies would not only be a financial bubble without a social function, but would even have asked for their ban. Showing diversity of opinion regarding the future of cryptocurrencies in the world.