Academics from the Imperial College of London have claimed in their new report that Cryptocurrencies like Bitcoin are the “next natural step” for the global economy and people paying Crypto in shops would be a reality in a decade.
According to a report from the Telegraph, there was a study conducted by Professor William Knottenbelt and Dr. Zeynup Gurguc from the Imperial College of London commissioned by Etoro which is a social trading platform.
According to the research done by the academics, Cryptocurrencies like Bitcoin and Ethereum have already passed one of the fundamental tests to become a currency which is being a store of value. The other two features are medium of exchange and unit of account. They suggest that Bitcoin could fulfill the remaining two roles of a currency in the future hence could become sound money.
Professor William Knottenbelt who is said to have been skeptical in the beginning said:
“cryptocurrencies have already made significant headway towards fulfilling the criteria for becoming a widely accepted method of payment”.
Dr. Gurguc 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”
We have seen a lot of criticism from various public figures like Warren Buffett, Charlie Munger, Peter Schiff on Bitcoin comparing it to the Tulip Mania and a bubble multiple times. On the other side of the spectrum, technology pioneers like Peter Thiel, Jack Dorsey, Richard Branson, etc have endorsed Bitcoin and believe that it could be the next world currency.
Many bankers have hated Bitcoin and have publicly shown hatred towards it like Jamie Dimon who called it a fraud and later regretted it, recently the general manager of BIS stated that Bitcoin is a Ponzi scheme and an environmental disaster.
It is no surprise that the bankers would hate Bitcoin as it is a direct threat to their business model, while a lot of pioneers and technology enthusiasts are actively working on improving the technology and to drive mainstream adoption.
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