It promises to be another breakthrough on the cryptographic market. As reported Deutsche Bank, already in 2030 kryptowaluty can completely replace FIAT currencies. It is possible that in ten years cash will be replaced by digital money.
Traditional currencies will be a thing of the past
Deutsche Bank has recently published a report entitled "Imagine 2030", in which market forecasts for the 1920s are presented.
The scenarios presented in the report were supported by research that showed that already in 10 years digital currencies can completely dominate the market.
Thus, traditional currencies will no longer have virtually any use. Deutsche Bank experts have pointed out that recent years have been a huge challenge for the financial market, especially due to the dynamic development and growing popularity of digital currencies.
Such high demand for cryptocurrencies leads to crowding out of traditional currencies, which will have its final, as presented in the report, in 2030 year.
According to the authors, there are many indications that cash will be completely supplanted by digital currencies.
Also check: Bitcoin is a speculative bubble?
Barriers to the development of the crypto market
Deutsche Bank also said in its report that digital currencies still have to overcome many obstacles to their full development.
I am talking primarily about regulatory issues and the acceptance of national governments.
They must also reach a global reach in the payment market, which requires, among others establishing stable cooperation with payment companies, i.e. card suppliers, retailers and mobile payment applications.
Over the years, other challenges may arise, related to, for example, cyber attacks.
How likely is Deutsche Bank's vision?
Will the script presented by Deutsche Bank really come true?
This is quite a futuristic vision.
Although there is no denying that the popularity of digital means of payment is growing at an extremely fast pace, it seems unlikely that traditional money will cease to exist, and certainly not in the next 10 years.
Cryptocurrency market not only has a wide range of supporters.
There are also people who are skeptical about this solution (the countries most reluctant to cryptocurrencies are now China and India), not to mention the huge part of the population whose system is simply foreign.