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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

When Will Bitcoin Be the New Standard in Finance? — Longer Than You’d Think

  • Jack Thomas
    🤷 Opinions

    The price of Bitcoin has long been a describer of the progression, but does that mean the cryptocurrency has a long time before it is widely accepted?

When Will Bitcoin Be the New Standard in Finance? — Longer Than You’d Think
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There have been a lot of technologies in the past few years that have garnered a lot of attention in regards to their potential and how they can change the world — blockchain and cryptocurrency have been no different. In fact, the likes of Bitcoin have come to the fore a lot stronger than most in the past few years because of the get rich quick potential that was seen.

Through 2017, especially towards the end, many saw Bitcoin as this revolutionary technology that could not be stopped and would overhaul the financial space especially. However, there is  more than just adoption and interest that determines if a technology, such as cryptocurrency and blockchain, will make it big.

Eugene Kaspersky, CEO of cybersecurity firm Kaspersky Lab, says Bitcoin is a brilliant innovation, but the world is not ready for cryptocurrency just yet. However, the CEO of Russian cybersecurity firm Kaspersky Lab believes that will change but only in 100 years.

A new world order

Kaspersky believes that digital currencies will eventually overtake paper money in the future. However, he thinks that will require a new world order, where there’s a single government instead of the many different nation-states that we have today.

“Cryptocurrencies are a great idea, but the world is not ready for them yet. The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them,” said Kaspersky.

It is a big ask, for the entire globe to change its mindset when it comes to financial setting, but for that to happen will take more than an upstart form of technology like blockchain and Bitcoin.

Moreover, Kaspersky believes it could take another century for mass crypto adoption. And even then, the Russian mathematician does not believe that Bitcoin will replace the entrenched legacy of the financial system that’s in place today.

“In the future — perhaps in 100 years’ time — all the world’s governments will be one government. States will unite under the government of the Earth. And only then we will have one currency. Some other currencies may be available, but on a global scale, the currency will be unified.”

“In the future, the currencies will be digital rather than paper. Today’s digital currencies, such as Bitcoin, cannot replace the current financial system.”

“But some of the ideas and techniques on which these currencies are based can be used in the future currency with little modification, leveraging blockchain technology.”

More than a simple change

Kaspersky makes some solid points — Bitcoin has a lot of promise, and it has a lot of potential, but those will not be realised until the the current financial standing is moved. The way money is understood and handled has long been dictated from institutionalised organisations such as Wall Street banks and the likes, and that will need to slowly change before Bitcoin is widely adopted.

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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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