And There Isn’t a Damn Thing They Can Do to Stop It!
Many will try to stop it or slow it down, but the rise of cryptocurrency is the Internet money that is about to be just as much of a destructive force as the worldwide web was to many businesses at the turn of the century.
Even the managing director of the International Monetary Fund, Christine Lagarde, admitted that “Bitcoin and cryptocurrency have as much of a future as the Internet itself.”
She goes on to remorsefully say that “It could displace central banks, conventional banking, and challenge the monopolies of national monies… It even puts a question mark on the fractional banking model we know today.”
This comes down to the ultimate use of money, and in every way, the cryptocurrencies beat the central bank debt notes.
Outside of major currencies, like the U.S. dollar, I think billions of people would agree that they trust cryptocurrency more than their national currencies.
Remember, Bitcoin and cryptocurrency don’t have to take on the dollar in 2017. They can first wipe away 90% of the other national currencies before the big title fight.
People in China, India, Venezuela, Argentina, and all throughout Africa are already making Bitcoin their medium of exchange.
This specifically includes the 2 billion unbanked people who happen to have a smart phone, which is all that’s needed for a Bitcoin wallet.
Cryptocurrency is already a better way for payments and transferring money. The blockchain self-validates, and the fees are nil compared to banking fees.
This isn’t going to happen overnight, but the path for cryptocurrency to dethrone central banks is certainly on the table over the next 10 years.