Twelve years ago, the first block of Bitcoin was mined. Built on a technology called blockchain, that uses a peer-to-peer network to make transactions without having to go through a third-party like the Central bank.
In its initial release in January 2009, the worth of Bitcoin was $0. Today, Bitcoin has become the strongest cryptocurrency in the world after reaching a record high of $40,394.87 in January 2021, pushing the market value of crypto above $1 trillion, that’s almost half of the world’s most valuable company, Apple.
The digital currency landscape is growing very fast, and with over 7,800 cryptocurrencies reportedly available, the possibility that crypto will change the future of currency as we know it is sure.
In their Imagine 2030 report, Deutsche Bank, the German multinational investment bank and financial services company, believes that cryptocurrency users will grow four times by 2030, reaching 200 million – which is almost the same growth the Internet had in its first 20 years.
With the current challenges with the government’s financial policies, Deutsche Bank believes that cryptocurrencies need to overcome three main hurdles to become widespread. First, they must become legitimate in the eyes of governments and regulators. That means bringing stability to the price and bringing advantages to both merchants and consumers. They must also allow for global reach in the payment market.
To do this, alliances must be forged with key stakeholders – mobile apps such as Apple Pay, Google Pay, card providers such as Visa and Mastercard, and retailers, such as Amazon and Walmart.
If these challenges can be overcome, the eventual future of cash is at risk. And that’s not a bad thing.
With many concerns around the technology and its capacity to disrupt traditional financial systems, the future of crypto is looking good.