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Blockchain Disruption: Cryptocurrency will be ‘Solid Alternative’ or Substitute for Fiat Money in 5-10 Years
Cryptocurrencies are on track to replace fiat government-issued currencies within ten years according to separate predictions by Deloitte and Deutsche Bank.
The Deloitte report found that “the end of physical money as we know it represents an overdue — and now inevitable — upgrade. There is consensus among our digital cohorts that digital assets will replace fiat currencies in the next five to ten years.”
Deutsche Bank says that the current currency system is fragile and that the advantages of decentralization and anonymity will increase the acceptance of crypto.
Jim Reid, Deutsche Bank strategist, wrote that “the forces that have held the current fiat system together now look fragile and they could unravel in the 2020s If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar. The demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around.”
Ivory Johnson, founder of Delancey Wealth Management, said that “cryptocurrencies will disrupt traditional finance because one of their most attractive utilities is the ability to efficiently transfer payment across borders with little to no cost, delay or foreign currency fluctuations. With respect to bitcoin, 50 years is a long time and bitcoin could either become the world reserve currency or the next AOL that made a lot of people wealthy until it was unseated by better technology.”
Some think that governments won’t stand by idly and will likely attempt to issue their own cryptocurrency. Or crypto may be introduced by a group of countries or international body. China has already begun to do that by issuing the e-CNY or digital yuan.
Mark Carney, the former Governor of the Bank of England, said that “governance is the core pillar of any form of digital currency. It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition. We welcome the World Economic Forum’s platform to help develop a robust governance framework for inclusion through digital currencies.”
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