Future Of Money

Key Points

  • It’s getting harder to imagine a future without cryptocurrencies.
  • Here are some experts’ visions for what the digital coins will look like decades from now.

Some economic analysts predict a big change in crypto is forthcoming as institutional money enters the market. Moreover, there is the possibility that crypto will be floated on the Nasdaq, which would further add credibility to blockchain and its uses as an alternative to conventional currencies. Some predict that all that crypto needs is a verified exchange traded fund (ETF). An ETF would definitely make it easier for people to invest in Cryptocurrency, but there still needs to be the demand to want to invest in crypto, which might not automatically be generated with a fund.

“We may not know what stocks in the S&P 500 will do next month, or in two years, but over the decades, we have a pretty good hunch that they’ll go up. Most of us also know what a stock is, and that definition hasn’t changed in centuries” says Annie Nova.

None of that is true, of course, with cryptocurrencies. Some predict the coins will forever change how we understand and interact with money and others warn of a dangerous bubble.

But whatever a person forecasts for cryptocurrencies, it’s getting harder to imagine a future without them.

CNBC asked experts from a variety of fields to describe their vision for the currencies 50 years from now. Their answers have been condensed and edited for clarity.

  • Ivory Johnson, certified financial planner and founder of Delancey Wealth Management

“Cryptocurrencies will disrupt traditional finance because one of their most attractive utilities is the ability to efficiently transfer payment across borders with little to no cost, delay or foreign currency fluctuations. With respect to bitcoin, 50 years is a long time and bitcoin could either become the world reserve currency or the next AOL that made a lot of people wealthy until it was unseated by better technology.”

• Frederick Kaufman, author of “The Money Plot: A History of Currency’s Power to Enchant, Control, and Manipulate”

“Way before 2071, the dollar will have more in common with a crypto than with silver or gold, so there is no need to doubt the longevity of encrypted algorithms as stores of value and media of exchange. All money is a form of encryption. It’s been that way from the start, and as our lives converge ever more closely with the digital universe, the drive to invest in tokens will only accelerate. Ironically, that impulse will connect us to primitive instincts, and do its part to keep us human.”

• Dan Egan, vice president of behavioral finance and investing at Betterment

“Cryptocurrencies like bitcoin have proven themselves useful for money movement and speculation, and they’re unlikely to go away. But where and how we’ll generate the energy to meet the demand of a growing crypto market is worth considering, as well as whether state-actors who view it as a competitor to fiat power will make it even more of a black-market commodity.”

• Dragan Boscovic, founder and director of the Blockchain Research Lab at Arizona State University

“Central bank authorities are busy developing regulations on cryptocurrency. They recognize that digital currencies are native to the digital economy and, as such, are on their way to becoming mainstream in the next 10 years.”

• Barbara Roper, director of investor protection for the Consumer Federation of America

“Sorry. I decided a while back that I’m too old for this issue.”

Some of the limitations that cryptocurrencies presently face — such as the fact that one’s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker — may be overcome in time through technological advances. What will be harder to surmount is the basic paradox that bedevils cryptocurrencies — the more popular they become, the more regulation and government scrutiny they are likely to attract, which erodes the fundamental premise for their existence.

While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain widespread acceptance among consumers. However, their relative complexity compared to conventional currencies will likely deter most people, except for the technologically adept.

A cryptocurrency that aspires to become part of the mainstream financial system may have to satisfy widely divergent criteria. It would need to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection; and preserve user anonymity without being a conduit for tax evasion, money laundering and other nefarious activities.

Further reading

About Driipcoin Phase Two

Why Governments Are Afraid of Cryptocurrencies?

What is Driipa?

Digital Currency vs Cryptocurrency

Future Of Blockchain Technology: 7 Predictions for 2021

Theft On The Blockchain Vs DriipChain

Blockchain Trends Everyone Must Know About in 2021 — Latest Updated

The Adoption Of Blockchain is likely to grow in 2021

Government & Blockchain Technology

Concept Of DriipChain (1)

Concept Of DriipChain (2)

DriipChain-For-Service (DFS) [1]

A-Z Of CryptoCurrency

Economics Of DriipCoin

Decentralized Application (dapp)

Driipa Foundation is building a whole new world on the Blockchain

Decentralized Finance (DeFi)

Internet of Things

The internet of Assets

DriipChain-for-Service (DfS)[II]
Introduction to DriipWallet I

Introduction to Public & Private BlockChain (1)

Business Enterprise On The Blockchain May Be Ready for Its Breakout

Understanding The Cryptocurrency Market

Can Cryptocurrencies Like DriipCoin Replace Fiat in the Future?

Earn Passive Income On Your DriipChain Asset

Is Crypto Really Unstoppable?

How blockchain technology can disrupt financial services

Blockchain and disruption in the financial world: Will banks survive?

Advantages of implementing blockchain technology in your business

LINKS

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ICO / Presale page : ico.driipa.io

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Instagram Page : https://instagram.com/driipaofficials

Facebook Page : https://www.facebook.com/driipaofficial

Read More Of Our Previous And Future Articles To Get More Understanding About Driipa’s Project…

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