The skepticism around cryptocurrencies is slowly turning into the talk of old-times with prominent names like Bill Gates supporting their existence. While investors are more interested in the opportunity to make money, other financial experts are focused on its application and the ways in which such digital currencies could revolutionize the traditional monetary system for the better.
People Are Losing Faith In Conventional Financial System
In recent news, Mr. Steve Forbes, the editor in chief and of course, the chairperson for Forbes magazine has verbalized his support for Bitcoin. He has stated that the entire idea of Bitcoin revolves around the rising lack of trust that people have expressed in the fiat currencies and the traditional financial system at large.
Mr. Forbes had joined Ms. Cathie Woods, the current Chief Executive Officer (CEO) of Ark Invest for a podcast when he was reported saying that the rise of cryptocurrencies can be thought of as a “cry for help” sent out from the high-tech world that aims at accentuating the shortcomings of the conventional fiat currencies. Considering how even the laymen are slowly starting to get curious and support the cryptocurrencies like Bitcoin stems from their incapacity to have faith in the current financial system in place.
The chairman of Forbes magazine has further stated that the next milestone for Bitcoin is to establish a reputation as reliable as that of Gold. He has also pointed out that while Gold has taken centuries in building its reputation as a trustworthy asset, Bitcoin seems to be achieving such milestones in a surprisingly shorter period of time.
Bitcoin Is Less Prone To Manipulation
Mr. Forbes’s statements were not derived merely from enthusiasm but were based greatly on realism. While he expressed his concerns of high volatility or fluctuations in Bitcoin’s price being a nuisance, he was more focused on elaborating the real-life application of Bitcoin and how it has the potential to bridge the gaps in the conventional monetary system based on fiat currencies.
The editor in chief at Forbes magazine spoke with passion about the role that such decentralized digital currencies can play in minimizing the risk of governments or regulatory bodies manipulating the currencies for their benefit at the expense of the citizens. Such is the very basis of why the governments and related authorities feel threatened by the recent uprising of the Crypto market.
Bitcoin is currently trading at $8,135 with a Munich-based public bank, BayernLB, forecasting the potential for prices to go as high as $90,000 in the year 2020, once the stock-to-flow ratio for Bitcoin is factored in the price.