Everybody has an opinion when it comes to cryptocurrencies. For example, Mark Carney, Canadian Economist and Governor of the Bank of England, claims they have failed. On the other hand, forward-looking economists expect cryptocurrencies to eliminate national currencies within the next ten years.
Thomas Frey is a respected author and praised futurist. According to his projections, cryptocurrency is not going anywhere any time soon. In fact, he claims that by 2030, a quarter of national currencies will be eliminated by cryptocurrency. He claims this is due to cryptocurrency being far more efficient
Dr. James Canton, a respected member of the Institute of Global Futures shares a similar sentiment. He goes as far to say that everyone will eventually make the switch, so those that utilize it now will benefit the most. According to him, over the next decade, new investment opportunities will come from a new financial niche dubbed cryptofinance.
In a twelve month span, Bitcoin went from being worth one-hundred dollars to thirteen-thousand dollars. Similar cryptocurrencies have fluctuated just as drastically.
Dr. Canton says this is simply the nature of this investment vehicle. It’s a very volatile one. But while it is volatile, it will simply go through cycles — just like stocks and bonds.
Even those who are knowledgeable when it comes to cryptocurrency have a tough time explaining it.
What is most important to know, though, is that cryptocurrency is linked to a blockchain on the web. It has no relationship to a country or national bank like cash does. Because of this, it is seen as property by the IRS, not money.
And looking at it as property is another way to understand it. Just like selling land, selling Bitcoin is like selling a piece of the blockchain.
This is not something that only futurists are saying. The World Gold Council has said that the potential for cryptocurrency to undermine central banks is very real.
The point is, it is not just the optimistic futurist that projects cryptocurrencies to permanently change the economy. Even more conservative investors and institutions, like The World Gold Council, recognize that cryptocurrency is here to stay.