The Future of Cryptocurrency : Will it Replace the Dollar?
Although cryptocurrency like Bitcoin tanked after reaching jaw-dropping all-time high, proponents of cryptocurrency still believe that digital currency will replace fiat currency like Dollar, sometimes in the future.
Julian Sawyer, CEO of Bitsamp however, believes that cryptocurrency as a technology will be used as “used increasingly in the behind-the-scenes plumbing of financial services, such as money being sent across borders.”
To understand the future of cryptocurrency maybe we have to look at how Mastercard or VISA co-exists with fiat. As an alternative- a plastic card that replaces the use of paper-cash, coins and cheques. Or, maybe in doing so we are greatly undermining the future of cryptocurrency.
Afterall, El Salvador is already adopting Bitcoin as its official currency. Although the cryptocurrency is not replacing the country’s Greenback, El Salvador is a case-study for many countries that have high remittance dependence, high poverty and low financial inclusion. Many other dollarized economies similar to El Salvador like: South Sudan, Haiti, Guatemala, and Liberia could follow.
More so, cryptocurrencies are more accessible than they were before. As cryptos become more accessible due to improvement in digital and physical infrastructure, it’s likely they will become more acceptable forms of payment. Because digital currencies provide a lot of technological benefits in terms of payment, Integrating virtual currencies into our payment system is just a matter of time, and quite inevitable.
The most important point still remains, FED and Central Banks wield too much power in controlling the supply of money into the economy. The printing of money to stimulate the economy has created a bubble that’s just waiting to burst.
Not all, but many Cryptocurrencies have fixed supply and they are decentralized. So, if avenues enabling an environment to spend cryptocurrency are to grow, people are eventually going to switch to cryptocurrency rather than withholding dollars.
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