What is the future of various cryptocurrencies?
The cryptocurrency market is full of excitement, scare, and mystery, and it all happens at once. With trading a variety of digital-based coins, the cryptocurrency market is still little understood by casual observers. In recent months, people have also seen dramatic drops in values of cryptocurrencies and then steeply drop (Bitcoin). It happened right when they were about to make their minds to invest.
On one the hand, there are skeptical governments’ advisories for using cryptocurrencies all over the world. And on the other hand, it’s hard to pay no attention to the huge amount of money already invested in the field. So, what is the future of various cryptocurrencies?
This post shares the views of some well-known futurists, who have studied the trends and technology and then brought in following predictions:
Cryptocurrency to replace currencies by 2030
Thomas Frey, who is an American futurist and celebrity speaker, said that “cryptocurrency is very much here to stay”. While speaking to Federal Reserve in September, he predicted that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”
James Canton, who is a futurist, author, entrepreneur, and CEO & Chairman of the Institute for Global Future, said that the growing acceptance of cryptocurrency over the past few years will cause “the legitimization of a new asset class emerging alongside the traditional global economy”.
It won’t be like cash.
James Canton also said that the name given as Cryptocurrency is also a misnomer. It’s actually not a currency, which is naturally bound to relations with a nation. It’s free of that restriction. He likes to call it blockchain economy, instead.
Frays said that Bitcoin is similar to selling real estate. The transaction of Bitcoin and other cryptocurrency means the transfer of their ownership. It’s about giving up the discrete digital chunk to someone else. And it happens in the cloud.
Credit card service providing companies like Visa and others have made it simple to use Bitcoin for the normal transactions, but crypto-currency is still not the same money that we spend in supermarket our regular purchases.
Its value will continue to be cyclical.
As of now, the cryptocurrency Bitcoin is taking a dip while others are getting the spotlight. So, there is no crash in them. The future of various cryptocurrencies is brighter and people are actually investing in them. Canton says that investment in a crypto is similar to the investment in stocks and bonds, which go through cycles.
Crypto will cause commerce change drastically.
If cryptocurrency is accepted more, it’s certainly a big disrupter to the banking industry. And it is really a serious matter. It just removes the need to intermediaries as transactions take place between two peers only. The p2p structure does not need any medium. The p2p structure makes it amazingly attractive for investors as there is no service fee or banking charge involved in the transaction.
“The future of commerce will be shaped by the crypto supply chain, which will have less friction and more exponential value between buyers and sellers of all products,” Canton said.
Governments will play a (still unknown) role.
Owning cryptocurrency can lead you to stay in the state of suspense. You feel cheated as governments have not revealed their roles. But as Canton said “The government is going to tend to play their role. I think the FCC could provide prudent regulation to accept and encourage innovation with cryptocurrencies,” there would be recognized to the cryptocurrencies, too.
So we can hope a positive future of various cryptocurrencies because some people have really turned millionaire by investing in cryptocurrencies.