Monero (XMR)’s Fluffy Pony Calls Bitcoin A “Real Alternative” To Traditional Fiat Money In Due Time
Riccardo Spagni, better known by his online pseudonym ‘fluffypony’, recently spoke about the ongoing bear market and how the future of Bitcoin seems to be shaping up in his opinion. Spagni, who is also a core developer for Monero, recently spoke with Tech Central regarding the usability of Bitcoin and how it can change the way in which monetary transactions are carried out in the near future.
While talking about the recovery prospects of Bitcoin and other premier alt-currencies, Spagni stated that altcoin space is currently much more “compressed in comparison to NASDAQ’s recovery time”.
If that wasn't enough, he then went on to add that:
“It’s very good time and previous movements have been much faster. You know, some of them have been two months. So, you know, three and half years has been like the longest bear market that we’ve had and I think those periods will probably start to get longer and longer as you know as the thing the movement shifts”.
More On The Matter
While on the subject of mining, Spagni went on to discuss Bitcoin’s ever reducing block rewards ( a key factor that the conventional stock market doesn't have to account for). According to Riccardo, the change in Bitcoin’s overall supply is quite unique since no other industry has to face the proposition of having to deal with such a dynamically evolving asset.
In this regard, he added:
“You’ve got this reduction in supply and you know again even if demand stays static you’ve got people going like, ‘I’m not going to sell my coins. I’m going to hodl them’, because of the hodl mentality. And if they hold on to their coins and they don’t sell them, then that basically just reduces the effective supply even more.”
Stability Will Come to the “Bitcoin Market” in the Coming 5 Years
Following his discussion regarding BTC’s usability as a transaction medium, Spagni then went on to talk about the future of the alt-asset market. On the subject, he stated that as traders started “bridging” the gap that currently exists within the altcoin domain through “arbitrage trading”, this burgeoning sector will start to witness more overall stability.
“I think we’re probably like anything from 5 to 15 years from going okay Bitcoins price is relatively stable or atleast doesn’t have these wild swings like a teenager throwing a tantrum. We’ll see like when we get to that, then makes a lot more sense to Bitcoin operate like a currency than it does not”
Following this, Spagni then made a bold proclamation wherein he made it clear that in the coming 10-15 years, people will be able to buy a cup of coffee with Bitcoin.
“But as a settlement option, then I think that’s very different. So you know settlement could be I’m buying stock from overseas and importing it and I need to pay my suppliers. My suppliers don’t care that much about volatility because the volatility tends to happen over you know several day period. So if I paid them and they converted immediately from Bitcoin to the local fiat currency than what differences make Bitcoin just becomes a carrier for that settlement”
How true Spagnis’ predictions turn out to be is anyone’s best guess, however, if one thing is for sure, it is that the mainstream adoption of BTC (as well as some of the other top 10 alt-coins) is bound to keep increasing in the near future.