Bitcoin and Cryptocurrencies are the ‘Next Natural Step for the Global Economy’ Say Imperial Academics
Academics from Imperial College London claim that cryptocurrencies are the ‘next natural step’ for the global economy. The information has been released in a report that suggest that in the future (10 years from now) individuals may be paying for things in BTC, the famous virtual currency.
The study has been commissioned by the crypto exchange and trading platform eToro, and written by Professor William Knottenbelt and Dr. Zenyup Gurguc. Both claim that digital coins like Bitcoin or Ethereum have already passed one of the three tests to become a real currency, which is related as acting as a store of value.
In the future, it will be possible for digital coins and virtual currencies to be used as legitimate currencies, that could become a medium of exchange. It may be easy for people to exchange goods and services, pay for taxes or save money.
It is important to mention that long transfer times, high entry barriers, and lack of knowledge about these assets, is making it difficult for merchants to embrace them.
Some days ago, the Bank of England warned companies that entering the market could expose their businesses to reputational risks, and fraud. For example, some virtual currencies have been used to launder money, evade taxes or support criminal activities.
Mr. Knottenbelt explained that despite the scepticism in the market, cryptos have already made ‘significant headway towards fulfilling the criteria of becoming a widely accepted method of payment.”
“Given the speed of adoption, we believe that we could see Bitcoin and other cryptocurrencies on the high street within the decade. There are of course barriers to mainstream adoption, but they are far from insurmountable.”
Mr. Gurguc said hat new payment system or asset classes do not emerge in just some months, but it takes longer time. He also stated that the concept of money has evolved during the history and that in our lifetime it can pass from cash to digital or contactless payments.
“The wider use of cryptocurrencies and crypto-assets is the next natural step,” Gurguc commented.