When the future of Crypto is discussed, there are many conversations that are brought up in the process such as the future of the price of major tokens, the ways by which they will be used and what the demand will be in comparison to fiat currency. This is because, for many, crypto is the currency of the future and they feel that in the tech-forward world we live in, there will eventually be no place for fiat currency and that it will become as updated as a typewriter or a dial-up phone and will be nothing but a relic from the past after being replaced with new technology.
According to a new study from Deutsche Bank, cryptocurrency will exceed fiat currency by the year 2030 as the demand for alternative currencies will see a significant spike.
The report in question is titled ‘Imagine 2030’ and was authored by Deutsche Bank strategist Jim Reid. In the report, he touches on some of the problems associated with fiat currency and states that individuals are becoming more interested in immaterial and more anonymous means of payment and that this could spell the end of fiat currency as we know it.
This, however, does not mean the cryptocurrency will have an easy road as it would need to address some major hurdles before it can go mainstream and one of these is acceptance from regulators on the world governments and that this needs to be done through price stability and popularity in the payments market. This can be achieved through partnering with major platforms such as mobile app platforms and card issuers, the report says. Even with mainstream adoption will come a whole new set of challenges and the report says these include dependence on electricity, digital attacks on various blockchain systems as well as a digital war.
“As that occurs, the line between cryptocurrencies, financial institutions, and public and private sectors may become blurred,” Reid says.