Although the impact of cryptocurrencies on society has been significant, they still have to face many challenges. People’s trust in cryptocurrencies will increase their market value along with demand.
Cryptocurrencies grow when more people invest in them and when societies consider them a valid means of exchange or storage. It is hard to imagine the future of these types of assets, but some experts have predicted what they will look like within a few decades.
Bitcoin Could Become the World’s Reserve Currency
Ivory Johnson, the certified financial planner and founder of Delancey Wealth Management, said that cryptocurrencies would disrupt traditional finance. He explained that they could transfer cross-border payments quickly and efficiently at a low cost without fluctuations in foreign currency.
He believes that Bitcoin could become the world’s reserve currency or the next AOL in less than 50 years.
He added that financial advisers were looking to offer the investments to customers as investor interest in cryptocurrencies grows.
The US Dollar Will Look More Like Cryptocurrencies
Frederick Kaufman, a professor of English and journalism, said that Bitcoin went from being a speculative tool to being a wealth-protecting one. He predicted that the US dollar would look more like a cryptocurrency than silver or itself long before 2071. Therefore, he does not think there is a need to doubt the longevity of algorithms.
He also highlighted that the drive to invest would accelerate as people’s lives converge more with the digital universe.
They Allow Moving Money, So They Are Unlikely to Disappear
Dan Egan, Vice President of Behavioral Finance and Investments at Betterment, spoke about the relevance of cryptocurrencies. He said that crypto assets like Bitcoin allow moving money and speculating, so they are unlikely to disappear.
He recommended thinking carefully about where and how to generate energy to meet demand. Likewise, he advised considering whether state actors would further turn it into a black market product.
Cryptocurrencies Will Be a Mainstream Within 10 Years
Dragan Boscovic, director of Blockchain Research Lab, considers that not everything is negative for cryptocurrencies as news brings hope to this market.
He noted that central bank authorities were busy developing regulations on cryptocurrencies. He said that they recognize that cryptocurrencies could become mainstream within one decade.
Boscovic explained that cryptocurrencies have been among people for almost ten years, during which time they have gained traction.
Trust in Cryptocurrencies Will Maintain Despite Falls
Steve Ehrlich, CEO of Voyager, believes it is encouraging that investors remain bullish following the recent market correction.
The executive commented that most investors trust more in the future of cryptocurrencies. That is a sign that people see May’s volatility as an opportunity to buy.
The Future of Cryptocurrencies Is Still Up in the Air
As long as people maintain their trust in cryptocurrencies, the outlook for them will remain favorable. Besides, its market value will increase at the same time as its demand.
José Ángel Álvarez, president of the National Association of Cryptocurrencies in Venezuela, said that the support for a cryptocurrency depends on trust.
In conclusion, the future of cryptocurrencies is still up in the air as companies, experts and investors need to know them in depth. Furthermore, they must be prepared to face any scenario if they decide to bet on them.
By Alexander Salazar
