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Facebook could help cryptocurrency go mainstream by 2030, says Deutsche Bank
Frankfurt-based financial giant Deutsche Bank recently revealed that cryptocurrency adoption is moving faster than anticipated. One of the factors that could speed things up is Facebook’s Libra project, which could result in crypto going mainstream by 2030.
A few years ago, cryptocurrency adoption was at a snail’s pace and financial experts then can’t foresee a future where these digital currencies might overtake fiat money. But times have changed since then that even finance’s big boys are taking note of crypto’s rise.
In its recently published Imagine 2030 report, Deutsche Bank predicted that cryptocurrency’s mass adoption is about to speed up, Express reported. This is a result of the combined efforts of banks, card providers and even governments to move to a “cashless society.”
The report also mentioned Facebook as a big catalyst for cryptocurrency adoption. This will happen when the social media platform starts introducing Libra to its billions of users.
“When Facebook announced Libra, its new cryptocurrency payment system, earlier this year, the conversation hit all levels of society and politics,” the author of the report’s crypto section, Marion Laboure, said.
The reported added that Libra has the potential to push crypto into mainstream use. “And no wonder. Facebook, with its potential user base of over 2bn, has the potential to disrupt the payment industry send the use of cryptocurrencies in to the mainstream,” Laboure explained.
Meanwhile, Deutsche Bank also believes that government support is a big factor in the rapid adoption of cryptocurrency. In particular, the report mentioned that India and China might soon lead the world as users of digital currency.
That might sound unbelievable since both countries ban cryptos at the moment. “Until now, China and India banned the purchase and the sale of cryptocurrencies,” the author added. “But things are moving quickly.”
For instance, China has already expressed plans to introduce a government-issued digital currency. “In late October, Chinese President Xi Jinping endorsed blockchain as ‘an important breakthrough for independent innovation of core technologies’ – he repeated the PBoC’s intention to have cash replaced by a central bank-issued digital currency,” explained Laboure.
Change is coming to India as well in terms of its stance on digital currencies. “And recently, a government economic panel pitched for the introduction of an official digital currency with the status of legal tender and regulated by the Reserve Bank of India,” the report said.