Bitcoin’s Tenth Birthday Celebrates the Mobile Payments Advancement
It’s hard to believe that bitcoin has been around for 10 years now, but it started making its appearance back in 2008. Now, word from deVere Group CEO Nigel Green—recently sent our way—takes a closer look at this cryptocurrency phenomenon, complete with word from the UK government’s own Cryptoassets Taskforce. Said word makes it clear that cryptocurrency in general is “unquestionably coming of age.”
That’s a big step, especially given that not so long ago people were wondering if cryptocurrency would be rendered illegal in large portions of the UK, if not potentially worldwide. That wasn’t all the Taskforce had to say, though; this multifaceted organization—comprised of Her Majesty’s Treasury, the Bank of England and the Financial Conduct Authority—has been working since March on analyzing the cryptocurrency market.
One of its biggest revelations is that “…there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market.”
Meanwhile, Green noted “Traditionalists who somehow still believe that cryptocurrencies are ‘just a fad’ could be compared to King Canute who is said to have attempted to command the tides of the sea to go back. It’s becoming increasingly clear that cryptocurrencies are the future of money. This is evidenced by Bitcoin, the world’s first cryptocurrency turning 10, and by more and more governments, regulators, financial institutions, and retail and institutional investors, amongst others, appreciating the real and growing demand for digital, global currencies in today’s ever more digitalized and globalized world.”
The assessment so far seems spot-on; bitcoin and cryptocurrencies are developing, and gaining ground. We’re seeing places start to take the cryptocurrencies directly, and even those that don’t are getting a leg up from intermediaries that step in to sell these investment properties and put the proceeds in your hands so fast it’s like paying for things with cryptos.
This development is likely only to continue thanks to a growing number of use cases. The more we see in this field, the more users are likely to get in. That’s a virtuous cycle that leads all the way to mainstreaming.