What will happen if Bitcoin (BTC) becomes an internet currency?
If Jack Dorsey's hopes were to come true and Bitcoin (BTC) became an internet currency, there would be a lot of changes in the world as we know it.
There has been a lot of speculation regarding the future of cryptos, and Bitcoin especially. Both the investors and crypto enthusiasts alike wish to know what to expect, and what are the possible consequences of the mass adoption of cryptos.
According to Jack Dorsey, Bitcoin has a potential to become the currency of the internet. If this happens, BTC will be able to directly target an $8 trillion large market in the industry of e-commerce. At the same time, the countries of the world would be going through a severe crisis, and most of them would immediately start printing large amounts of money.
Left chart: Over $8,000,000,000,000 in e-commerce payments rely on this process every year.
— Kevin Rooke (@kerooke) September 11, 2018
Bitcoin To Achieve World Domination?
Believe it or not, yes. Over the course of the past week, cryptos have been losing value, and that includes nearly all coins, not just BTC. However, this has never meant that the people will simply lose interest in the coin, or that it will become worthless. Over the years, price drops like this have happened numerous times, and it is all simply a part of a cycle.
The price drop was influenced by movement in an old wallet filled with Bitcoin, and everyone started selling their coins while expecting a BTC dump to kill the coin's price. By overselling BTC, the investors did the price-killing themselves.
This sort of events are in no way limited to the crypto market, and the same happens to national currencies, traditional stock market, and even entire economies.
According to Jack Dorsey, the world will eventually come down to a single currency, and the same will happen to the internet. He believes that Bitcoin is this very currency. Of course, none of this will actually happen overnight, and it will likely take anywhere between 5 and 10 years for BTC to actually achieves this form of world domination.
This is actually something that the entire crypto community has been hoping for, and expecting to happen, ever since Bitcoin was first launched 9 years ago.
Other Side Of The Coin: The Crisis & Massive Money Printing
In a new interview, the co-CIO and founder of Bridgewater Associates, the biggest hedge fund in the world, Ray Dalio, commented on this saying that such an event would have severe consequences. The new crisis won't be the same as the debt crisis, and it will grow much slower. However, it will also have much larger social implications.
The situation will only become worse and worse, and numerous countries will start printing large amounts of money. As the time continues to progress, the economies of the world seem to be failing more and more.
With a threat of a new financial crisis coming towards us, Bitcoin might actually be the best way to prepare for it.