The truth about the future of Fiat currency in the face of a decentralized industrial age has been finally revealed. Niall Ferguson, the author of currency history book The Ascent of Money, said Bitcoin and Blockchain-based technologies, would be the financial system of the future.
Niall, a former Bitcoin sceptic, joins an ever-growing list of researchers advising central bankers that Bitcoin and blockchain based technologies could soon overtake the system they are currently in charge of preserving. So, the question we must ask Jerome Powell, The Federal Reserve chair, is why do we still not have a central bank backing cryptocurrency?
In a seminar that Niall delivered to the Bank of England recently, he mentions Bitcoin being part of the significant challenge that Fiat currency faces today.
According to him, the current market bubble can be deflated with regulatory reforms in the US. However, regulations will not do anything significant enough to halt, much less undo it. These words of re-assurance are the much-needed stamp of approval Bitcoin needed. Listen up, people. A financial revolution is on the horizon.
Consider his argument. If you think about it this way, the maximum number of Bitcoins set to be in existence is 21 million. The current number of millionaires in the world is 36 million. In total wealth, their wealth is estimated at $128.7 trillion.
So, if millionaires collectively decided to invest just 1% of their wealth in Bitcoin, BTC would be valued at $60,000. Moreover, if our millionaire friend raised that amount to 5% of their wealth, BTC would be valued at $300,000. This may not happen soon since capitalists are dead set on protecting their precious paper money, but it is indeed inevitable.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
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