Several people from across the world are invested in Bitcoin and cryptocurrency. Will the cryptocurrencies be ever considered mainstream? There is a certain degree of suspicion continuing to revolve around the cryptocurrencies.
Financial institutions are not comfortable exposing themselves to the different risks they can see in the cryptocurrency market.
Several institutions are interested in stepping into the market; however, “But they were very concerned about the associations between virtual currency and criminal activity.”
Cryptocurrency is considered by many as a new investment class providing for entrepreneurial opportunity. Those with healthy nerves are likely to get some rich rewards investing in cryptocurrency.
Financial institutions that are offering cryptocurrency services are not interested in falling foul to regulators and law enforcement.
Dr. Robinson opined, “That’s especially true after the 2017 Bitcoin bubble – even taxi drivers were talking about that. Banks wanted to give their clients access to crypto-assets.”
The trend these days is that one needs not to go to a bank to execute a transaction, and in some cases, one will be able to create one.
Even if entrepreneurial companies like Libra would fail, chances are high for similar companies to come up. The scope for financial services providing for international remittances and e-commerce will never fade away. Blockchain analysis will evolve to be the standard.
Ultimately, the entrepreneurial market will be dominated by big players from the digital security market.
Peter Schiff, the Gold Investor, stated, “Privately issued cryptocurrencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies. Consumers are best served by competition. Let capitalism restore the freedom, privacy, and stability governments have destroyed!”
Schiff refers to Libra as a privately issued cryptocurrency, and in the current scenario, it is not clear if the Libra will ever get off the ground.
As opposed to creating a currency that will be backed by a basket of different cryptocurrencies, Zuckerberg et al. now is looking to come up with a range of stable coins which will be pegged to different cryptocurrencies.
Recently Peter Schiff commented about the Trump administration as being the primary reason leading to the current state of the US economy. The US National Debt is now past $22.9 trillion, and by the end of his term, the debt is expected to rise over $5 trillion. Schiff opines, “Bitcoin Fixes This.”
Thus it is seen that even hardcore critics support the view that the cryptocurrencies are here to stay.
