Josh Riddett, CEO of Easy Crypto Hunter, thinks that Brexit could bear a lot of positive results for bitcoin and eventually push the cryptocurrency past the $1 million point.
Riddett: BTC Will Spike Heavily in 20 Years
In a recent interview, Riddett commented that bitcoin and other forms of crypto will likely serve as the predominant methods of payment within the next five to ten years and says that Brexit could ultimately cause bitcoin to hit one million pounds (about $1.2 million in USD).
It seems like many of the 29-year-old tech entrepreneur’s predictions are already off to a good start. As it stands, companies like Starbucks are now looking to make it easier for customers to potentially buy drinks, pastries and other items with digital currency rather than cash or credit cards. Perhaps if the move is successful and other companies follow in Starbucks’ shoes, we may soon be shelling out BTC for just about everything we buy.
In addition, Riddett believes that bitcoin is the perfect “safe haven;” a tool that has often assisted people enduring times of financial crisis. While price fluctuations have consistently been an issue, bitcoin, for the most part, manages to stay strong during economic turmoil, which means that it holds its weight and can be compared with other financial tools like gold and precious metals. Bitcoin can easily be used to preserve wealth and is known to increase in price (along with gold) during economic uncertainty.
As it stands, Brexit has been delayed – once again – to January 31, 2020. He’s certain that it if goes through, British citizens will begin buying up. He’s also confident that the huge influx of buyers could push BTC further than anyone could have ever anticipated.
However, he did comment that this isn’t likely to happen right away. Going against figures like John McAfee – who has often stated that bitcoin will hit $1 million by the time 2020 rolls around – Riddett says that the currency will potentially reach this price over the next 20 years following the rollout of Brexit and Britain’s new line of politics. He just thinks the nation’s separation from the EU is likely to set things off.
The Possibilities for BTC Are Endless
It will be a natural progression into paying via cryptocurrency. 20 years ago, paying with cheques and cash was commonplace, whereas now contactless payment has taken over. In the next ten years, we will see a similar transition from payment with sterling to payment with cryptocurrency.
He further states that he believes bitcoin, along with ten major cryptocurrencies, will eventually make their way into the “compensation for workers” category, in that employees of certain companies in the U.K. and abroad will likely be able to accept their salaries in crypto funds.