What Are The Chances That Cryptocurrency Becomes More Dominant Than Traditional Currency’s

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This is something most crypto traders and crypto assets holders thinks, that digital currency would definitely replace traditional (the dollar and euro) currency. No doubt that we have find peace as regards the weaknesses of our traditional currency when you talk about it’s purchasing more, the pandemic and some social economics vices has definitely contributed to this change with the increase in living cost, and investors are thinking of other alternatives which they can preserve their assets seen cryptocurrency as an avenue.
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Well Vitalik Buterin who is known to be the founder of Ethereum is likely not in that state of mind as to him it’s unlikely for digital assets to replace traditional is unlikely, in he’s words;

“I do not expect cryptocurrencies to take over the world. It’s about cryptos and digital and governments.”

Well from he’s thought couple of weeks ago he applauded the performance of the fiat of been stable prior to the pandemic, highlighting that one shouldn’t throw shades on traditional currencies fiat, if you have no clue of how it operates.

Are there any chances of bitcoin replacing fiat? For me if you ask me, this current bearish market which Bitcoin prices has taken a U-turn is definitely not an option for it to have an edge over traditional currency. It will only serve the purpose of being a storage asset like a better alternative to gold, for it to be used as traditional payment it has to have a stable market price and it shouldn’t be built on emotions and traders sentiments.

Well also the minister of finance for Greece Yanis Varoufakis says that if bitcoin manages to replace national currencies as it will be catastrophic move, because of it’s limited supply.

“We would all be now in very dire straights. What will happen when we have a pandemic and you need to increase the money supply? You cannot increase the supply of bitcoin because it is of fixed supply.”

Other risk asset management group heads are in the stance that if bitcoin manages to be accepted globally that will play a major impact on the market price, but then again the question is will the world leaders give a chance to bitcoin even when some financial institutions are gradually accepting it as a medium of payment.
Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity.

Posted Using LeoFinance Beta



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