Deutsche Bank officials stated that fiat currency is fragile and can be replaced with bitcoin and other digital currencies in the future. They stated that it is expected that 200 million users will be added to the crypto world by 2030 and they will use their digital currency for their online transactions. So, there will be no need to use fiat currency and crypto will replace the fiat currency in the future. If you are interested in bitcoin trading, visit the official Crypto Genius site to acquire an utter guide to crypto trading.
Price prediction is a tricky thing that you can apply to determine the value of bitcoin, but you should consider it as an investment option that can give you the best results in the future. A report named Imagine 2030 was published by Deutsche Bank where they stated that crypto is not only an investment option, but it constantly adding to the mainstream payment system, and it can replace the fiat currency in the future. Why did they publish this bold statement? The said bank showed a report in their article that some cryptocurrencies have gained huge popularity and they will grow four times in the next ten years. According to their prediction, more than 200 million new crypto users will be added in the next ten years to the bitcoin blockchain.
There is a hurdle that crypto is not for all because people having an internet connection can access such digital assets and there is no internet connection available in remote places. So, people from rural areas cannot use such digital assets for their daily transactions. The Deutsche Bank stated in the above report that internet connection is growing faster and now rural areas are connected with a high-speed internet connection, and people can easily access such digital assets from their place.
Is bitcoin will replace the fiat currency?
When the internet was introduced, it was used by policymakers, and later it was legalized for commercial houses. But, people did not know how to connect internet and now you can see the changes in the world. People are connected with social media and we cannot live without internet connectivity. So, we cannot expect that crypto will replace the fiat currency overnight because people still have some doubts about this digital asset. Once they have some ideas about this investment option and how it can become convenient for them, they will start using it as the internet and they will start making their online transactions with bitcoin instead of fiat currency.
But, crypto is still beyond the control of any government and there is no set of regulations available for such digital currencies. Biden, the president of the US has already signed a bill about crypto and the lawmakers in the US are trying to frame a set of regulations for cryptocurrencies.
Why do we expect this replacement of fiat currency with bitcoin? Basically, there is no competition between bitcoin and fiat currency because fiat currency will be there as a legal tender. We can compare the cards with bitcoin. For example, we are using credit and debit cards for national and international transactions, and we have to rely on a third-party service like a bank to process such transactions. In this case, we have to pay a hefty transaction fee for the same. Plastic cards can be replaced with crypto or bitcoin because you can easily use your crypto wallet to make online transactions, and you do not need to carry your cards which require annual maintenance charges.
Crypto becomes more popular in recent years. According to a report, 18% of US students are having at least one digital coin or token. But, it is also true that cryptocurrency like bitcoin is volatile and you can speculative trading can drag your money in vain. Bitcoin is the only cryptocurrency where you can own your currency and you can own your payment process.
It is challenging to learn the technical things associated with crypto and it will take some time to spread the awareness among people. Make sure, you must know the basics of the crypto ecosystem and you should keep your eyes on the recent news about bitcoin to make an informed decision.
