The financial sector has always had mixed opinions on Bitcoin. Goldman Sachs is a fine example of how quickly those opinions can change.After dismissing Bitcoin for several years, they are now keeping a close eye on it. Moreover, the bank is confident Bitcoin will succeed as a form of real money in the coming years. While that is a commendable statement, it is doubtful Bitcoin will still be the leading cryptocurrency by then.
It is evident the interest in cryptocurrency hasn’t waned all that much. Albeit Bitcoin is struggling for traction, things still look rather promising. Goldman Sachs has kept a close eye on the cryptocurrency proceedings over the past 18 months. While they had doubts about this form of money, it seems something has changed. In fact, these cryptocurrencies may even succeed as a form of real money in the near future. An interesting statement, although there is still a long way to go.
Goldman Sachs Thinks Cryptocurrencies Will Succeed
More specifically, the bank believes cryptocurrencies will make an impact in specific regions. Especially in sub-Saharan Africa, opportunities are plentiful. Even in the US, there’s a chance some of these currencies will eventually become regular money. Although the US Dollar is still in a good place, it is not necessarily adequately supplied in some parts. Where access to financial services is hard or impossible to come by, Bitcoin and altcoins may eventually thrive. All of this is something most cryptocurrency enthusiasts have been aware of for some time now.
The big question is how this would affect all the cryptocurrencies moving forward. If digital coins become real money, investors won’t see astronomical returns any longer. That would be both a blessing and a curse rolled into one. Right now, all cryptocurrencies are subject to massive hype and speculation. Especially in the market cap top 20, over half of the coins simply don’t belong there. If the volatility and speculation calm down, we will see some big changes as far as the rankings are concerned.
Rest assured there is an interesting future ahead for the worthy cryptocurrencies. Whether or not Bitcoin is worthy of becoming real money, remains to be seen. Goldman Sachs never specified which coins they see succeed in the coming years. It is evident there are a lot of things to take into consideration. Do keep in mind no cryptocurrency will suppress fiat currencies anytime soon. Nor should they, as there is no need to do so whatsoever.
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