Living in a 500-year-old monetary system where the currency had no value, is it possible that cryptocurrency is rising up to compete with the fiat system and eventually overtaking it?
Cryptocurrencies are extremely speculative, but also revolutionary. Though I don’t currently see them as a store of value or a long-term safe haven like gold, they are a potential and likely game-changer for the future of all currencies.
Capital goes where capital is treated best, which is why cryptocurrencies and gold-backed private currencies will continue to become more accessible and usable.
One observation I think everyone needs to fully appreciate is that the young are embracing the cryptocurrencies so the extinction of the current monetary system can happen without any embracement from a large portion of the current population.
Today, there are literally hundreds of these currencies, with Bitcoin still having the largest market share. However, a few others, like Litecoin, Dash, and Ethereum have risen up to be very serious players in this currency market.
In the U.S., the adoption of many current users is a luxury. What most Americans fail to understand is that for people living in places like India and China, the adoption of cryptocurrency is by necessity!
Image from Future Money Trends