Popularity in crypto has risen quicker than your nan’s soufflé, and, while it can most definitely be deemed a volatile market, a lot of people are jumping in without reading the safety signs.
But whether you personally believe there is much real value beneath the hype, or whether you are a firm sceptic, some experts in the crypto space believe it could one day become our default method of payment, allowing us to say adios to cash and potentially even debit and credit cards.
A crypto expert speaking to news.com.au recently claimed Australia alone has amassed around $7bn worth of crypto assets, and said that crypto could “surpass traditional finance in Australia as early as 2029.”
Citing a report by Finder.com.au, the article also reveals that crypto is proving particularly popular with young people, with 31 per cent of Gen Z (anyone born after 1997) owning some form of crypto asset. It’s this figure that is causing some experts (emphasis on some) to predict crypto will become a default method of payment within the next 10 years.
Part of crypto’s appeal to a younger audience could well be down to the fact it’s new and (somewhat) uncontrollable, so, without wanting to sound ageist, younger people are more likely to have the capacity (and inclination) to understand how it all works. If you’ve tried dabbling in the minefield that is crypto to no avail, you can check out a recent DMARGE article reflecting on the ‘safest’ way to invest in crypto (or the disastrous time we invested $1,000 in speculative shit coins and got spanked).
Moving on from spanking… to find out if there is any genuine claim to crypto ever dominating traditional finance, DMARGE spoke exclusively with eToro market analyst Josh Gilbert.
Josh says anything is possible: “it could mean both [becoming more popular than other trading methods, or becoming the dominant form of payment], but we are starting to see further adoption of crypto assets as a form of payment, especially from high profile businesses.”
“Key players such as Goldman Sachs and Banco Santander have shown positive sentiments towards blockchain and crypto on multiple occasions, indicating a general trends towards open standards in corporate banking.”
“This week (this article was published on the w/c 6th September), payments provider Worldline announced it has made crypto payments accessible to 85,000 merchants in Switzerland.”
“The partnership will allow some 85,000 Swiss merchants to accept payments in bitcoin or ether at the point of sale. We can expect to see more providers enable crypto in the coming months, leading to further adoption.”
“Despite its sell-off in March 2021, as an asset class, bitcoin is still the best performing asset year-to-date. This is why investors are continuing to see the benefits of investing in crypto, despite the volatility and high risk level.”
“It’s anticipated that crypto will have a much more significant role to play in the future. For…
Read more:Will Cryptocurrency Really Dominate ‘Traditional Finance’ By The End Of The Decade?
