Since the second decade is coming to a close at e-cryptonews we decided to get our own crystalball so to speak and peer into the next decade with a few experts who we think might know a thing or two about the future. What they revealed might surprise some, amaze others and leave everyone else flabbergasted!
Here is what they said:
Sang Lee, CEO and Co-Founder of Konstellation, an award winning Blockchain development and consulting company.
“- All financial services will be a part of or built on the blockchain.
– All currencies will be digitized, but Bitcoin will serve as a new major reserve currency without specific sovereign jurisdiction.
– Blockchain and cryptocurrency will cause even more blurring around state lines then the internet has already caused.
– Most blockchain usage will be considered specific ‘blockchain’ usage, but a natural part of life and systems”.
Points to Note
- All the financial services that exist will be connected to blockchain technology one way or the other.
- Further convergence shall increase.
- Blockchain technology will become common place in many sectors.
Tomàs Sallés Technical Analyst – Financial Writer at FXStreet – FXStreet.com (UK)
“After a week in contact with the Blockchain industry at the Delta Summit Blockchain and innovation by OKEx, the projections for the coming years are:
– Consolidation of the Altcoin segment. Only the most solid projects with the highest degree of adoption will pass this consolidation phase.
– According to some people in charge of big projects in cryptoverse, the market is still in very early stages of development. Blockchain technology will change the world in the coming decades.
– Annual Cycles… According to experts consulted at the Summit, the current market is in a cycle phase similar to the one it had in 2014. According to this logic, there would remain three years of rises ahead with approximate objectives for Bitcoin at $90,000. Subsequently, the cycle would be restarted”.
Points to Note
- Altcoins are going to reduce in dominance and number. The most important ones will survive.
- Blockchain Technology is a big deal and will change the way we do everything.
- Bitcoin will hit $90,000 before the middle of the next decade.
Lance Morginn, President of Blockchain Intelligence Group (BIG) a Vancouver-based blockchain-agnostic search and analytics intelligence firm, working directly with financial services, ATMs, exchanges and banks.
“There are 12 cryptocurrencies that have a market cap over 1 billion. Over the next decade, I predict this number will decrease. Regulation is being discussed for cryptocurrencies in many countries around the world. Policies will be implemented and they will provide further guidance and comfortability around accepting and transacting in cryptocurrencies. We could see larger organizations that want to embrace blockchain use the Bitcoin network to provide security around their own blocks being appended to the chain. We will see further use cases around sidechains, where services will leverage the vast computational power already in place. By the end of the next decade, you will be hard-pressed to find anyone that does not understand what cryptocurrencies are”.
Points to Note
- Cryptocurrencies with large market capitalizations will be a thing of the past.
- Corporate adoption of Cryptocurrencies will occur.
- Government regulation will increase.
- Further evolution of the crypto space shall occur and new innovations shall emerge.
- Cryptocurrencies shall reach full-scale adoption just like computers!
Sukhi Jutla Co-Founder and COO of Marketorders, Author “Escape the Cubicle: Quit the Job You Hate, Create a Life You Love”.
“The crypto space is approaching the teenage years being just a decade old. In this time, just like a child growing up, it has had to spend time to figure itself out and understand itself and its place in the world.
Crypto is also undergoing this change. It has successfully become a mainstream term in a decade, with more and more people understanding what cryptocurrencies are and more importantly, understanding that they now have a choice as to how to make payments.
Within the next decade, I predict that crypto will move even further into the consciousness of mainstream media and become a more acceptable term. We will see the rise of a new generation of people who will use crypto first and fiat second.
I also predict there will be more outlets and businesses that adopt the use of crypto as valid payment types.
We will also see countries leapfrogging straight into crypto and digital payments via their mobiles rather than using desktop/laptop online banking and we will see this change predominant in nations where there are a large number of people underserved or unbanked by their current financial institutions. This is the key fertile ground for cryptocurrencies and FinTechs to flourish and find their customers.”
Points to Note
- Cryptocurrencies are going mainstream.
- Cryptocurrencies will be the preferred means of an exchange over fiat for the next generation.
- Countries will use Cryptocurrencies for financial inclusion of the unbanked.
Halsey Minor, Strategic Technology Partner at Videocoin
“Just as Tether and other stablecoins have made it easier to use exchanges, trade and move money into and out of the banking system, so too can a fiat integrated into the blockchain liberate crypto use cases from their greatest enemy — payment friction. If crypto startups really want to take market share from traditional businesses, they need to allow for fiat-based payments. In 2020, those who have come to this understanding will be poised to legitimately compete outside of the narrow crypto domain. These are the very people we want to engage at VideoCoin. Embracing fiat payments is not capitulation, it’s the first step toward making the businesses we envision real”.
Points to Note
- Fiat is a friend to Cryptocurrencies and not an enemy.
- Seamlessness between fiat and cryptocurrencies is required before mass adoption is possible.
- Fiat and cryptocurrencies must be interlinked for Cryptocurrencies to take their place.
What do you think is going to happen to cryptocurrencies and blockchain technology in the next decade?
Please let us know in the comments below!