Imagining a future without cryptocurrencies is becoming difficult
What the experts envision future to be like with digital currencies a decade from now
Predicting what will happen to stocks in the S&P 500 next month or a couple of years from now is not possible. However, they will likely go up in the following decades. In all this time, the definition of stocks has not changed, and most people know what they mean.
However, some experts predict that digital currency will change how we interact and understand money when it comes to cryptocurrencies. Others even talk about the chances of a dangerous bubble.
Nevertheless, whatever future one may predict for cryptocurrencies, imagining a future without them is becoming harder.
When asked about their vision for cryptocurrencies fifty years from now, CNBC presented answers by experts. Here is what they said:
Ivory Johnson – He is the founder of Delancey Wealth Management and a certified financial planner.
Johnson reportedly said that cryptocurrencies would disrupt traditional finance. This is because of their ability to efficiently transfer payments across borders at almost no cost, with no delay, and without the effect of foreign currency fluctuations. Concerning Bitcoin, he added that fifty years is a long time. Bitcoin could become the world reserve currency or the next AOL, which made many people wealthy until better technology replaced it.
Frederick Kaufman – He is the author of “The Money Plot: A History of Currency’s Power to Enchant, Control, and Manipulate.”
Kaufman reportedly said he thinks by 2017; the dollar would have a lot in common with cryptos than with gold or silver. He said there is no doubt about the longevity of encrypted algorithms as a medium for exchanging or storing value. According to him, all money is some form of encryption. It has been so since the start. As the coverage of our lives becomes closer to the digital universe, the need to invest in crypto tokens will accelerate. He added that impulse and our primitive instincts would play their parts to preserve humanity.
Dan Egan – He is the Vice President of Behavioral Finance and Investing at Betterment.
According to sources, he answered this question saying that cryptocurrencies, e.g., bitcoin, have proven helpful for moving money, and it does not seem like they would disappear. He also said it is worth considering how and where the energy to meet the growing demand of the crypto market will come from. Another important thing Egan highlighted is what happens if state actors who consider crypto a competitor for fiat power would make it more of a black-market commodity.
Dragan Boscovic – He is the founder and director of the Blockchain Research Lab at Arizona State University. Boscovic’s answer to this question was that central bank authorities are working on regulatory systems for cryptocurrencies. They acknowledge that digital currencies are on their way to becoming mainstream within the next decade or so.
Barbara Roper – She is the Director of Investor Protection for the Consumer Federation of America. Roper had very little to say to this question and said she was too old for this topic.
What are your thoughts on what cryptocurrencies would look like in fifty years?
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