As per the findings of UK based Imperial College, widespread adoption of alt-currencies such as Bitcoin, Ethereum is the “next obvious” step for the global economy. However, that’s not all, the study also predicts that by the end the next decade, many people could be paying for their daily purchases in Bitcoin.
A more detailed look at the findings
Sanctioned by eToro, the research was carried out by Professor William Knottenbelt and Dr. Zeynep Gurguc of ICL.
During the course of their studies, they found that established digital assets such as ETH, BTC had already passed “one of the three fundamental tests for becoming a bona fide currency” — i.e they act as stores of value.
Additionally, Knottenbelt also mentioned that if the crypto sector continues to grow and expand at its current rate, it would be possible that Bitcoin could even fulfill the two remaining roles that are necessary for an asset to become a fully legitimate currency.
What’s holding crypto back?
As things stand, most alt-currencies are plagued by issues related to long transfer times along with high processing power requirements. Not only that, there is also a tangible lack of mainstream technical knowledge in relation to these assets.
While that may be the case, Knottenbelt added that
“Cryptocurrencies have already made significant headway towards fulfilling the criteria for becoming a widely accepted method of payment”.
Similarly, Gurguc echoed his fellow researchers’ sentiment and said
“New payment systems (or asset classes) do not emerge overnight but it is worth noting that the concept of money has evolved – even in our lifetime – from cash to digital or contactless payments. The wider use of cryptocurrencies and crypto-assets is the next natural step”.
Final Take
While the findings of the aforementioned study give an accurate representation of the crypto market, the Bank of England recently warned many business owners that by feeding into the so-called “crypto craze” they exposed their establishments to ”reputational risks” and fraud.
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