Cryptocurrencies Will Displace 25% Fiat Money by 2030 – Says Futurist Speaker, Thomas Frey
Thomas Frey, an American futurist and celebrity speaker dreams of a decentralized future in fintech sector. His twitter bio describes him as an author, architect of future and senior futurist at the DaVinci Institute. He has made a bold statement about cryptocurrency future to Times Money where he was quoted as saying that,
“Cryptocurrency is very much here to stay [and] are going to displace roughly 25% of national currencies by 2030. They are just much more efficient, the way they run.”
However, he did not specifically mention the currencies which were at risk of being overrun by the cryptocurrency growth.
Bitcoin is gaining rapid recognition both as a store of value and digital currency. In spite of holding massive potential for being used as a payment mode, most of the UK and US e-commerce businesses as well as brick-and-mortar retail locations still do not consider it as a viable option. Such global advancements are in sync with the predictions made by Frey. He pointed at the remarks made by Christine Lagarde, the managing director of International Monetary Foundation (IMF) who is apprehensive about the mammoth electricity consumption required for Bitcoin mining.
However Frey is a firm believer of the fact that cryptcurrencies such as Bitcoin hold the potential of disrupting the normal functioning of banking and financial institutions. He noted that:
“When people like Christine Lagarde say cryptocurrencies could displace central banks and international banking, thats very significant.”
Frey has equated Bitcoin transactions with real estate deals by saying that the seller is allowing the release of a digital chunkin the cloud, rather than physical property. His categorization is not much different from the US Internal Revenue Service (IRS) which classifies Bitcoin as a property although the same tax benefits do not accrue to the virtual asset class as that of the real estate sales.
Frey is not the only futurist who has acknowledged the importance of cryptocurrencies in fostering the proper functioning of the financial system. James Canton belonging to the Institute for Global Futures has termed this phenomenon as the legitimization of a new asset class emerging alongside the traditional global economy.
Canton feels that cryptocurrencies are similar to a cyclical market which can lead to a heart-breaking decline as well as possibly vast riches. Canton has also predicted a growing number of investment vehicles to come from cryptocurrency finance and Bank Frick is going to be a flag bearer in this movement.
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.