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Despite Doom and Gloom Forecasts, Cryptocurrency is the Future of Money

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As is the case with anything new, naysayers abound.

The same holds true for cryptocurrency and blockchain, both of which are still in their infancy.

Dr. Doom, Nouriel Roubini for example says, “There is no decentralization, it’s just bulls***.” This was while he was attending a Milken Institute conference.

Warren Buffett and Charlie Munger still believe Bitcoin is a mirage and a “scum ball activity.”  Buffett once went on to say it’s “probably rat poison squared.”  Munger is of the opinion that the thought of owning cryptocurrencies was just “dementia.”

Why Cryptocurrency is Here to Stay

Currently, a middleman usually controls cryptocurrencies.

Additionally they have high fees associated with transfers and processing speeds are too long.  Furthermore, there are third party complications that might arise.

Granted, there are adoption hang ups, including scalability, security, and volatility, but we can expect this from a concept that is still in its infancy. Plus, we’re seeing numerous benefits, including quicker speeds, no middleman, and lower start-up fees.

Millennials are a Significant Catalyst.

Millennials could be the next big catalyst for cryptocurrency.

A YouGov survey found that 48% of Millennials will show interest in using primarily cryptocurrency.

According to the survey of the people who believe that the public will widely accept cryptocurrencies, over one-third (36%) showed interest in converting to primarily using cryptocurrency rather than the U.S. dollar. However, a majority (57%) say they would not be interested in converting away from the U.S. dollar. There is an almost equal division among Millennials displaying interest (48%) and those that couldn’t care less (50%).

“This generation’s appreciation of cryptocurrency signals a clear distaste for banks and similar financial institutions, which they might view as representative of ‘old money,’” notes BitIRA.

There have always been naysayers with anything new.

But given time, we believe cryptocurrency will only grow in popularity based on the reasons stated above.

 

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