image courtesy of: http://www.btcrobot.com/
The thought came to me while writing a comment on this post: @fyrstikken/how-high-can-it-go where @fyrstikken asked how how can cryptocurrency go?
What if cryptocurrency becomes a multi-trillion dollar market cap that dwarfs fiat currency? What would happen if cryptocurrency was adopted by everyone?
Could it reduce the gap between rich and poor? That is a major issue with our current economic systems. Although there are more rich than ever before, the gap between rich and poor is getting wider.
Cryptocurrency could get wider adoption based on these factors:
- Adoption in developing countries (2 billion people in the world are unbanked, have no access to a bank)
- Adoption for governments that have hyper inflation (example Venezuela)
- blockchain adoption in "developed" countries (one step closer to a cryptocurrency adoption, see ripple)
- fiat currency transition to a cryptocurrency standard.
This is pure speculation, but what is going on with the exponential growth of cryptocurrency looks like what happened when the Internet started getting mass adoption in the 90's.
By the 2000's there was an explosion of ideas and innovations resulting in the tech bubble. Not all the sites and services survived. But the ones that did are multi-billion dollar organizations that have revolutionized how we shop, research and how you think and live. The mass adoption of the Internet has changed the direction of human evolution.
I think cryptocurrency is bigger than that because it deal with currency which has a deeper impact because it could directly impact conflicts, poverty, and economic issues that we fight over. Its abundance from the blockchain.
Banks and governments that are smart will REALLY take a look at it and invest serious money into figuring out how to get in early to benefit their people instead of forcing the people to take matters in their own hands. Either way the market will decide which currencies will live and die.
It is still very early. We are in the 1994 of the Internet, but it will be 2000 REAL soon. Just imagine how far it will be by 2020! It may introduce a golden age where wealth starts to spread to more than just a few privileged souls. And maybe we will see the gap between rich and poor start to close if there is an economy the is more inclusive because people could make a living on finding ways to gather cryptocurrency and trading up to more valuable ones.
Interesting time to be alive.. that is for sure.
