Recently as I surf the net looking for cryptocurrency related topics, I came across a CNBC July 3, 2021 article by Annie Nova discussing views of experts as to what cryptocurrencies will look like in 50 years.
The opening line saying “It’s getting harder to imagine a future without cryptocurrencies” caught my attention.
Yes, and I believe this is true.
As we can see in various platforms and websites, the extent of activities, and transactions using cryptocurrency, as well as the value that it generates have significant economic contribution. This is considering its overall impact on various sectors, as well as the employment opportunities it has created over the years through various cryptocurrency, and other blockchain or distributed ledger technology (DLT) related projects.
Many posts in social media platforms showing day to day use of cryptocurrency, particularly those now being used in purchasing goods and services are proofs of its long term potential. So with the enormous online presence with various websites and platforms, as well as the innumerable crypto related apps.
A number of experts agree that the future of finance will not be without cryptocurrency. A time will surely come that this type of digital asset will be here with us, on the mainstream economy for good. Maybe not now yet, but in the foreseeable future.
This is the observation of 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.”
Here is another expert opinion by 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.”
This indicates that we have to look forward to a tokenized future. A world wherein almost all assets – physical and digital – will possibly be tokenized. Such that every financial transactions will eventually be done on a digital environment. More so that governments are also going in this direction with Central Bank Digital Currency (CBDC).
This scenario that will come to reality on a distant, if not on the immediate future, will bring limitless financial opportunities to all global citizens. Practically the human populace will have easy access to digital assets that will offer a more inclusive, equitable world society, hopefully.
Changpeng Zhao (CZ), CEO of Binance, the largest cryptocurrency exchange platform in the world recently shared this insight. “The regulatory landscape is shaping up to be quite well. Most countries are adopting regulatory frameworks, they are not banning Bitcoin or cryptocurrencies.”
He is correct in pointing out that the on-going regulatory atmosphere and the current economic situation could be favorable for cryptocurrency.
Understanding the potential of cryptocurrency, more particularly Bitcoin, US Senator Cynthia Lummis have encouraged constituents to consider Bitcoin as one retirement asset. Lummis, who is a member of the Senate Banking Committee, is seen by the industry as a key advocate for cryptocurrency, in which she also have ample investments. At the US Senate, she propose a bill that will provide guidance on classifying digital assets, and to create a new regulatory body to oversee cryptocurrency.
Some countries are already considering the use of cryptocurrency as legal tender, as what El Salvador and the Central African Republic have instituted Bitcoin as official currency. Most likely there are more countries that will follow on this direction.
The fact that some countries are undertaking moves to enact cryptocurrency enabling laws, and formalize regulatory policies just indicate their recognition that these new digital money has an important role in their respective government’s socio-economic development agenda.
Now, knowing this, it is high time for people to learn and be involved in the cryptocurrency revolution. The earlier the better.
Cryptocurrency believers and enthusiasts will be able to make use of their knowledge and understanding on this particular digital asset considering future global financial direction. To be able to earn, accumulate and save ample volume of cryptocurrencies – coins and tokens – they believe will have future significant value considering various practical real life use cases. Including those with institutional, commercial and industrial utility.
With the relevant knowledge and understanding, right investment strategy and attitude, having significant holdings of cryptocurrency can possibly be a key to a financially secure future.
Let us ponder on the story of the famous “pizza man” in the crypto community. Laszlo Hanyecz had spent 10,000 Bitcoin in 2010 to buy a pair of pizza worth $42 that time. At the highest Bitcoin price in November 2021, those 10,000 BTC would have been worth over $670 million, eleven years later.
It is really up for the individual how to make prudent use of those precious digital coins and tokens. Whether it is acquired with substantial investment, or we have get hold of it for free, doesn’t matter. What matters is that we should be able to manage and handle these digital assets properly for it to generate more regular stable income in the future.
So, whatever way we were able to own some, what’s important is to gain adequate capability to make those digital money make more money.
Of course this can not be done overnight. This will require more efforts to learn some crypto asset investing stuff. Along with more patience, strong determination and perseverance in the process.
This can be made possible using various investment methods such as staking, yield farming, and other earning mechanisms available in well-established, secure centralized and/or decentralized finance (DeFi) platforms. To those who are not willing to be exposed in some risky investment schemes, they can have it stored on non-custodial wallet while waiting for these digital assets to increase its value.
Hence, it is equally important to acquire and accumulate some potential crypto gems today.
Then when the right time comes, eventually use and unload some of these. Either for various consumptive use, or for productive income generating ventures.