Mainstream Financial Collapse and the Rise of Virtual Currencies

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After the lofty heights attained at the back end of 2018, the virtual currency market took a massive nosedive in 2018. Coin prices plummeted by an average of 75 percent across the industry. The total market capitalization shrunk from the $800 billion range to the $200 billion range.

However, despite these difficulties, Patrick Byrne, the CEO of Overstock, believes the mass adoption of virtual currencies is firmly on the horizon. According to Byrne, the systemic failures in the legacy financial systems in many countries will push more people to embrace digital currencies.

In a recent interview, Byrne noted:
“When people start getting into it is when their own financial systems collapse. Whether bitcoin is the one, whether bitcoin has solved its speed problem, or it’s another cryptocurrency, only time will tell.”

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