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A new research suggested that cryptocurrency Bitcoin is set to become the sixth largest reserve currency in the next 15 years. CNBC said U.K.-based Magister Advisors, which conducted the research, interviewed thirty of the cryptocurrency industry insiders across the globe regarding Bitcoin’s reserve currency status. Magister Advisors is known in the industry as a technology mergers and acquisitions adviser.
In a press release, Magister Advisors partner and research leader Jeremy Millar said, "We have now reached a fork in the road with bitcoin and blockchain. Bitcoin has proven itself as an established currency. Blockchain, more fundamentally, will become the default global standard distributed ledger for financial transactions.”
Blockchain, by definition, is a system that allows the distribution of cryptocurrencies while being able to guarantee and verify the transactions.
On the other hand, Valuewalk noted that the research also showed the industry’s take on Bitcoin’s volatility. According to the research participants, close to 90% of Bitcoin owned is due to speculative investment as opposed to using it for commercial transactions.
