It's been a wild run in the cryptocurrency ecosystem especially at a time, when pandemic struck the world without warnings of how devastating it could be!
Bitcoin and other altcoins have seen pressure driven by institutional buy pressure via-a-vis market forces. One cannot gainsay the importance of cryptocurrency in today's world especially with during this pandemic era when most human activities were virtual which further corroborates the necessity of payment system especially decentralized system where payment is conducted by anonymous individuals, seamless ease of transactions that are cost effective e.t.c. If decentralized forms of payment like cryptocurrency is so vital, why do we still find political and financial forces fending off its progressive acceleration and trying to alter its core principle of anonymity?
Well, reasons are not far fetched and I will share my thoughts on this!
Firstly, money is a tool that has been weaponized by politicians, government and the likes to control people, create some sort of order to exert their rule and this has been well utilized over the ages! Cryptocurrency has taken this power from government and given it back to the people - more or like a "Robin Hood" tale. This factor makes government fear that in no time, this power will elude their class and then people can break free from financial control to assert a clear sense of choice and direction about their society! This was clearly displayed in the recent #EndSARS protest that occured in Nigeria, an activism against police bruatlity and bad governance in Nigeria! The central bank of Nigeria froze the bank accounts of these activist and their sponsors and in a swift response, a bitcoin wallet was created for donation which saw a huge surge in contributions coupled with the power of social media in which CEO of twitter, Jack tweeted in support of donations and gave the cause more life! This helped the activism catered for its many financial obligations from litigations to health care services rendered to injured victims by government forces.
Moreso, there is a currency cold war currently brewing. The Russian President, Vladimir Putin did speak in a conference where he shared his thoughts on the dollar as a currency being weaponized as a political tool by the US forcing other world powers to reconsider their usage of the dollar currency in global trade. This led to the build up of alliance between China and Russia to develop and synergize their financial system, a plan which has seen China fast track their adoptability of cryptocurrency development while the Trump financial administration under Munuchin and Powell fend off Crypto hype. This only means that China and others are already planning for long term as the US still grapples to find its balance with optimism that the Biden led administration will do better! In the long term, all these actions will eventually render the dollar useless outside the US at a global level and when this happens, Cryptocurrency will be a first straw to break the camel's back.
Futhermore, as an asset, Cryptocurrency with bitcoin as the central focus has outpaced every other asset like Gold, fiat currencies e.t.c. As this phenomenon is gradually sinking in with the slow but rapid realisation that sooner than later, any asset management outfit not hoarding bitcoins will be tagged as highly irresponsible or out of touch, a situation which has further fuelled institutional involvement in the cryptocurrency buy frenzy and has seen the market responded accordingly!.
Lastly, in the discourse of cryptocurrency, mentioning fiat is almost like an archived story! why? disparity in value and performance can't be compared! If i purchased a bitcoin in 2011 when it was about $0.008 and you had a thousand dollars saved, currently, you simply just have your fiat and I am worth $19,000 not affected by inflation and other economic forces.The thought of this almost slowly transcends into how fiat is fast fading.
In conclusion, it's only a matter of time before cryptocurrency will gain the much needed acceptability and bitcoin will become more valuable than it is now! Mellenials acceptance of decentralized technology, institutional buy pressure and more interest will further establish cryptocurrency's presence and regardless of the poilitcal hurdles, it will sure breakthrough and race for the moon!
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