Why the Blockchain and Cryptocurrency Revolution Seem More Inevitable than Ever
While blockchain and cryptocurrency still seem foreign to the majority of Americans, adoption of the technology seems more likely than ever before. Americans are fortunate to have the world’s reserve currency today but outside of less than a dozen other nations, the monetary landscape isn’t viewed through a rose colored lens.
Below are the world’s top ten fiat currencies and their valuation compared to the US Dollar.
Now, compare the top ten list with the bottom ranks of world currencies.
In any place one of the bottom ten currencies and many others up the list are used, cryptocurrencies provide vast utility in everyday commerce and life. It’s impossible to run a business if you don’t know even in the short run, day to day, if the fiat currency you’re doing business with isn’t stable. The fragility of fiat and the lackluster shelf life on average of roughly 30 years even by many traditional fiat titans historically should cause concern for all people and therefore is the root of why many are opting out of fiat.
It wasn’t long ago that arguments were made whether Bitcoin could surpass the U.S. Dollar in value. Today, one BTC is over 10,000x more valuable. The empirical data shows Bitcoin has continually gained value against fiat the last decade plus; moreover, the trust and good faith in fiat money has already begun to wain.
This transition is symbolic of more people losing trust in paper money and gaining trust in digital currency while living in a rapidly increasing digital epoch. The attributes of cryptocurrencies vary but the ones I believe will persist have many characteristics that fiat does not. Scarcity, portability, privacy, decentralization, inclusivity, are some of the properties that make cryptocurrencies and blockchain money so intriguing.
Compare these three charts of currencies. The top ten in fiat, the bottom ten in fiat, and the top ten in the cryptocurrency realm. What stands out? The price of every cryptocurrency but two is higher than the valuation of the top fiat currency, The Kuwaiti Dinar. It’s actually much more impressive when considering USDT [Tether] is a ‘stable-coin’ and supposed to be pinned to the USD, so only XRP inside cryptos top ten is worth less than the highest ranked fiat money.
It’s imperative to remember that since the US Dollar is the World’s Reserve Currency that comparatively outside of the eight currencies ranked above the USD, everything else is respectively weaker against cryptos top ten. This fact illuminates why smart money has begun to move into digital cryptographic money and why the impending wave of new fiat changing into cryptos will come.
Much like most technological advancements the scale of adoption grows gradually in the early years until there’s a pop. That pop is the quick ascent or parabolic move in adoption and typically carries the new tech to peak adoption and mainstream usage.
The same seems destined to happen in the blockchain and cryptocurrency space. As more people lose faith in depreciating state fiat and the infrastructure for blockchain money increases its breadth, the depth of blockchain money could also increase — as it has done over the first decade of Bitcoin and the space’s other leaders.
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