The most important predictions about crypto adoption in 2020
Among the many opinions on cryptocurrencies, let’s take a look at the most striking quotations that have characterized 2020
Over the last decade, there has been much talk about Bitcoin (BTC) and the future of cryptocurrency. 2020 has so far been a crucial year for the industry: current events are slowly making the forecasts made in the past a reality.
Historically, the crypto world has been confined to discussions on Twitter and private chats on Telegram. Even when Bitcoin received its passing moments of fame in the mainstream media, Bitcoin Billionaire crypto-currency comments have mostly minimized its potential. Some prominent individuals even called the entire industry a scam ready to blow up.
However, the turbulent relationship between traditional financial institutions and cryptocurrency is changing. In 2020, former crypto critics such as JP Morgan extended their banking services to Bitcoin exchanges, while the impressive performance of the major cryptocurrency has become undeniable.
The opinions of influential leaders in the world of finance have a certain effect on market trends. In 2020, however, the crypto sector seems to have defeated most of its critics. Below are some of the most important quotes from 2020 that defined the trend. Some are prophetic, while others highlight the current state of Bitcoin and cryptocurrency, or describe what will happen in the future.
Are cryptos better than cash?
In 2013 and 2014, Bill Gates, philanthropist and co-founder of Microsoft, declared that „Bitcoin is better than cash because you don’t have to be physically in the same place and, of course, for large transactions, cash can become quite inconvenient.
In 2020, the relevance of Gates‘ statement continues to grow, while Bitcoin plays an increasingly important role in the world’s future cashless future. Of course, cash remains the king of payments, but a look at global financial trends reveals an imminent change. According to several reports, cash transactions are slowly disappearing in many countries. In Sweden, cash accounts for 20% of all forms of payment, while in South Korea it accounts for 14%. In addition, health concerns due to COVID-19 are expected to drive the world towards a cashless society.
However, it is clear that the end of cash could have a major impact. Although bulky and uncomfortable in some cases, it offers the easiest way to make transactions anonymously. Digital cashless payment alternatives, on the other hand, require an intermediary and do not maintain privacy. While more and more governments are promoting a transition to central bank digital currency, Bitcoin and other cryptocurrency are emerging as the best private and censorship-resistant alternative.
Bill Gates‘ comments that Bitcoin is better than money are also supported by Bitcoin’s limited offering. Because of the pandemic and the impact it has had on the economy, many governments have printed large amounts of money to stem the economic crisis. Meanwhile, Bitcoin went through a deflationary event in May: the halving of mining rewards halved the new money supply. In this regard, Robert Kiyosaki, a prominent investor and author of Rich Dad Poor Dad, has predicted that the price of Bitcoin will reach a maximum of $75,000 over the next three years.