What will become of cryptocurrencies in 50 years?
Some specialists predict that #crypto will forever change the way we understand and interact with money, and others warn that they pose a dangerous bubble. However, regardless of the diversity of opinions, the truth is that it is increasingly difficult to imagine a future without them.
Therefore, CNBC asked different experts to describe their vision of digital currencies 50 years from now. Ivory Johnson, financial planner and founder of Delancey Wealth Management, stated that cryptocurrencies will disrupt traditional finance because one of its most attractive utilities is the ability to efficiently transfer payments across borders with little to no cost, delay, or fluctuations in foreign currency.
"With respect to #bitcoin , 50 years is a long time but it could become the world's reserve currency or it could also become a medium that made many people rich until it was overthrown by better technology," says the expert.
For his part, Frederick Kaufman, author of "The Plot of Money: A Story of the Power of Currency to Charm, Control, and Manipulate," stated that long before 2071, the dollar will have more in common with a crypto than with silver. or gold, so there is no need to doubt the longevity of encrypted algorithms as stores of value and mediums of exchange.
"All money is a form of encryption. It has been that way from the beginning, and as our lives increasingly converge with the digital universe, the drive to invest in tokens will only accelerate," the expert states.
Dan Egan, vice president of finance and investment at Betterment,
"Cryptocurrencies like bitcoin have proven useful for money movement and speculation, and are unlikely to disappear. But it's worth considering where and how we will generate the power to meet demand for a growing crypto market. Additionally, state actors view it as a competitor to fiat power, which will make it even more of a black market product," Egan warns.
Dragan Boscovic, founder and director of the Blockchain Research Laboratory at Arizona State University, says that central bank authorities are busy developing regulations on cryptocurrencies.
"They recognize that digital currencies are native to the digital economy and as such are on their way to becoming mainstream in the next 10 years," the expert states.
Finally, Barbara Roper, director of investor protection for the Consumer Federation of America, states
"I'm sorry. I decided a while ago that I'm too old for this problem."
50 years, no matter the experts opinions, a lot of time. Everything can be measured towards the future, but half a century is just speculation.
Regardless of this, it could be a thinking process excecise to understand the trend. Not for the next 50 years, but might work for the next decade.