bitcoin critics believe nothing good will ever come out of crypto, labeling virtual currencies an outright . However, bitcoiners and crypto enthusiasts are entirely undeterred by the criticisms of people in the outside world or even the massive that pushed the price of bitcoin down to $6,000.
Bubbles are Good Things
bitcoin and other cryptocurrencies have lost at least 50 percent since the beginning of 2018, giving more fuel to the critics rhetoric. While critics and crypto doom predictors were thinking that this is the beginning of the end for blockchain money, bitcoin heavyweight, and fund manager, Bill Miller thought otherwise.
Miller that the recent price crash is a good thing for the entire crypto economy. The business mogul opined that the crash helps to attract more funds into the industry as seasoned investors always buy the dip.
Buy the dip
— Charlie Shrem (@CharlieShrem)
Miller is no small player in the investment game, either. The business mogul founded Miller Value Partners () in 2016, a fund he says has 50 percent of its investments in bitcoin. As by the Wall Street Journal in October 2017, when the price of bitcoin was less than $6,000, MVP1 had already made over $150 million.
The entrepreneur had his breakthrough as a stock picking fund manager at Legg Mason, an American asset management firm, where he orchestrated a 15-year streak, beating the S&P 500.
At a time when pundits are predicting the price of virtual currencies to fall to ground zero, Miller sees the market quite differently and has stated that the significant corrections are a good sign for the crypto ecosystem. In his words:
“What I observed with bitcoin is that it’s following a very time-honored path of disruptive innovation going all the way back to the printing press, railroad, electricity, radio in the 1920s, biotech, the internet.”
It’s not just investors looking to score big on the rising asset class, but bitcoin and other major cryptocurrencies are also proving their worth amidst economic uncertainty. The increasing popularity in countries like , , and Greece all point to an emerging political tool.
Just HODL
For the people of Athens, their love for cryptocurrency is an unconditional one. Inspired by the capital controls imposed on the local banking system since 2015, bitcoin has the people of Greece a new lifeline.
Dimitris Tsapakidis, an Athens resident with a background in computer science and mathematics, is one of the leaders of the Greek crypto community. He’s been into cryptocurrencies for quite a long time and has gained enough experience in the crypto trade to understand the technology’s future. He said:
“I got involved in cryptocurrencies about 20 years ago when we had some early cryptocurrencies, but were centralized and they all failed. The innovation of bitcoin and other cryptocurrencies is that they are decentralized. That is what makes them survive.”
Tsapakidis has taken it upon himself to enlighten the population about cryptocurrencies. Further, bitcoin is accepted as a means of payment by over 70 businesses nationwide.
Running bank errands in Greece
Confidence in bitcoin approaching infinity
— Andreas M. Antonopoulos (@aantonop)
“There was an explosion in interest for bitcoin in Greece in the middle of 2015, when we had capital controls in Greece and when the banks closed. A lot of people were interested because they couldn’t use the money in the banks,” Tsapakidis said, adding that:
“A few people also had to make payments abroad and the only way to make payments abroad at the time was with bitcoin and cryptocurrencies.”
The exponential rise of bitcoin in 2017 also triggered a pent-up interest of Greeks in digital currencies. Despite from government authorities, the citizens are still determined to hold on to their crypto portfolios.
While their loyalty to bitcoin and other cryptocurrencies remains unshakable, these Greeks are quite uncertain what the future holds for blockchain-based virtual money regarding regulation and government interference.
“It’s a little early to guess what would happen. Greece will follow what happens in Europe in terms of law. So a lot depends on how the EU governments will decide to treat cryptocurrencies.”
The post appeared first on .
Ever since first came to the fore nearly a decade ago, futurists have been fascinated as to what the future may look like if cryptocurrencies are adopted on a mass scale.
Convincing a New Generation of Investor
For the general public, they may not have much of a grasp as to the many benefits and pitfalls associated with cryptocurrencies. Without following particular sources, a typical audience is primarily getting their information from mainstream media platforms seemingly hellbent on making connections with criminals.
However, times are changing, and more and more of the general public are starting to learn about what digital currencies have to offer. As such, they are beginning to get on board with the idea in a big way.
Falling down the bitcoin rabbit hole is dangerous business. Some folks take a wrong turn & get lost. Best you can do is throw them a rope.
— Jameson Lopp (@lopp)
Despite the in the traditional world of finance, it seems that digital currencies are here to stay and are only going to get bigger.
Two top futurists specializing in forecasts for future technology trends have spoken out on digital currencies and why the world needs to pay close attention.
National Currencies Will Be Replaced by 2030
believes that cryptocurrency is here for the long-term and that he will be speaking about this issue with the Federal Reserve in September 2018.
Frey believes that by 2030, approximately 25 percent of the world’s national currencies will be replaced by cryptocurrencies as they are significantly more efficient than the current fiat currency systems.
The other futurist is from the Institute for Global Futures. Canton posits that the evolution of cryptocurrencies in recent years as the “legitimization of a new asset class” that has a role alongside the traditional worldwide economy.
As time goes on, he believes crypto finance will generate exponential increases in the levels of investment for both startups and established companies. Naturally, there will be losses incurred by the crypto markets too, but there is also massive potential to accumulate vast amounts of wealth.
Different Hare to Chase
Digital tokens do not have any of the limitations that are applied to fiat currencies linked to nations or regions. As a result, the United States Internal Revenue Service (IRS) classifies digital currencies as being property as opposed to being an actual currency.
When bitcoin is sent to another person, in the of the IRS, this is like selling real estate and changing the property ownership to the buyer. This style of exchange is why the likes of bitcoin won’t be used in supermarkets, as it is not yet treated as cash.
Canton believes that crypto-related investments are similar to the traditional stock market in that they are cyclical, just more volatile. He thinks they are a worthy part of any investment portfolio once the relevant research process is completed.
Replacing the Old Guard
Digital currencies are a significant disruption to the banking industry, and this is something banks are now realizing. Even the managing director of the International Monetary Fund () Christine Lagarde believes that digital currencies might replace international banking and central banks in the future.
Due to the absence of oversight and intermediaries, it is a more attractive option for investors as banking fees and financial adviser charges can be eliminated.
Canton is convinced that the world of commerce will change forever and it will be reshaped by the crypto supply chain. There will be more value and less friction seen between the sellers and buyers of goods and services, for instance.
Finally, Canon does believe there’s a role that governments can play with digital currencies, but excess regulation will only intrude and be counter-productive.
The post appeared first on .
