Daniel Gouldman – the CEO of Ternio – is convinced that in the immediate future, bitcoin and cryptocurrency will be adopted for mainstream use and that all currencies will be digital.
Daniel Gouldman: We’d Better Get Used to Digital Currency
In a recent interview, he states:
I would not be surprised if in five years, most money as we know it is basically cryptocurrency.
He claims that bitcoin and cryptocurrencies are following the exact same path that the internet did in the mid-90s. He says that while many companies were at first slow to accept the new technology, they were eventually forced to give in, and now, the internet is not only mainstream, but in several cases required if businesses are looking to operate in the modern world.
When discussing the newfound adoption of digital currency, Gouldman says:
It’s the same path. It’s an incredibly explosive adoption rate.
He further explains that it probably won’t be bitcoin – despite its present size and power – that takes digital currencies mainstream. He thinks it will be banks, which will be afraid of losing their prowess and stamina in the financial industry and will look to issue digital versions of fiat and central bank-issued currencies so that they can retain their customer bases and stay afloat.
Right now, we are already seeing examples of this in regions such as China, which has unveiled a digital version of the yuan in the past few months so that users can potentially get used to spending digital cash. It went through a period of testing amongst American businesses such as Subway and was later issued on a small scale to individuals throughout the country for additional testing.
In my mind, most money [in the coming future] will basically be cryptocurrency because you’ve got these CBDCs – the central bank digital currencies. Bitcoin is awesome. Everyone should have it. I love it, but it’s not a transformational thing that’s going to affect everyone’s lives on a day-to-day basis.
One of the big things, he states, that will be huge for money in the coming years is the blockchain software that will emerge to support it. He says this will allow people to store their cash in the safest possible way and that customers will have full control over their cash and their assets and not have to pay any fees to banks.
Gouldman also believes that the Fed, as time goes by, is likely to become more lenient and open-minded towards digital currencies, and that appropriate legislation will be integrated to ensure the country can operate on digital asset technology.
The Banks Will Take Their Time
I suspect by the time banks get comfortable with cryptocurrencies – which will take some time – it will have become much, much more mainstream, and that’s when the peer-to-peer apps will have something to worry about.