Fiat currencies could be replaced by cryptocurrencies in the next decade. This is what Nicholas Merten, founder of the largest cryptocurrency YouTube channel says. In a recent tweet uploaded by Mr Merten, he says that virtual currencies will replace fiat between 2020 and 2030.
Nicholas Merten Bullish About Crypto
Clearly, cryptocurrency enthusiasts are very excited about the future of the virtual currency space. Although we were in a bear market for almost a year, there are experts and crypto enthusiasts that remain very bullish about the long-term cryptocurrency trend.
Nicholas Merten is the founder of DataDash, the largest crypto-related YouTube channel with more than 316,000 subscribers. In a tweet uploaded on November 9, he said that crypto will have four major super cycles.
The first cycle he mentions is the ‘Silk Road,’ taking place between 2011 and 2013. The second cycle is ‘Retail Speculation’ which took place between 2016 and 2017. The next cycle he says it will be related to institutional speculation, something that could happen between 2019 and 2020. Finally, the last cycle will be the replacement of fiat currencies by cryptocurrencies during the next years until 2030.
From what I can analyze, crypto will have four major super cycles:
Silk Road (2011-2013) ☑️
Retail Speculation (2016-2017) ☑️
Institutional Speculation (2019-2020)
Crypto Replaces Fiat (2020-2030)
— Nicholas Merten (@Nicholas_Merten) November 9, 2018
Clearly, this will not be an easy task. Virtual currencies have many challenges to solve before they are able to replace fiat currencies. Regulations should be implemented, crypto assets should get more mature, and adoption should increase.
The Silk Road was an online black market in which people could purchase illegal items and substances. In order to pay for these items, users had to use Bitcoin (BTC). And this is something that can be seen as bullish by some experts. Why? Because if criminals are using such a technology it’s because it is useful and might have more use cases.
Nevertheless, not everyone is so bullish about the future of virtual currencies. Wences Casares, the founder of Xapo, said that Bitcoin and cryptocurrencies would not be able to replace fiat money.
About it, he pointed out:
“Bitcoin could change money the way the internet changed information but this idea that a blockchain can be used to change an asset that already derives its value from a central authority like title insurance, or banks, or securities settlement is really nonsensical. It’s not true and it doesn’t make any sense.”
At the moment, there are several companies that are creating new products to allow institutions to enter the virtual currency market. Some of these companies are Goldman Sachs, Fidelity Investments and the Intercontinental Exchange.
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