What did we learn about Cryptocurrency from the Money20/20 Event?

The recent Money20/20 Europe event has seen thousands of attendees and over a thousand CEO’s come together to discuss the future of money and finance. Most importantly, the focus on the future of cryptocurrency has been strong and multiple key individuals have stepped up to discuss their thoughts surrounding cryptocurrency for the rest of 2018, as well as for the years to come.

What are the key points to take from the event?

Firstly, Apple co-founder Steve Wozniak publicly announced his hopes that ‘Bitcoin will become a single global currency’ in the future. Although it is not the first time we hear that Wozniak supports cryptocurrency, he has stated that he believes that the next decade will be pivotal for cryptocurrency as we begin to see greater adoption from massive institutions allowing cryptocurrencies to be used at their full potential.

Secondly, Ripple CEO Brad Garlinghouse has raised his expectations by expecting ‘dozens of banks’ to use their cryptocurrency ‘Ripple’ in the near future. At the same time, he has admitted that there is a direct need to solve customer problems and not to focus on ICO’s that have little purpose within the crypto sphere.

What did we learn about the future of Cryptocurrencies?

One of the most significant factors that we must consider is all cryptocurrencies are unique and are there to solve different issues not only for its consumers, but also for society. There has been great suggestion throughout the event that we must stop looking at cryptocurrencies as direct rivals and find benefits and drawbacks of each individual ICO or token.

Furthermore, volatility is something that has always been present within the cryptocurrency space. As the Ripple CEO pointed out, once the hype meets the reality, the drastic price fluctuations won’t be as common as we’ve seen so far. However, it is extremely easy to remain doubtful despite this statement due to the fact that we are yet to see stability across the market as a whole, especially when Bitcoin takes a hit and altcoins tend to follow.

Finally, we must give the cryptocurrency space time to develop. It is extremely easy to fall head first into a psychological trap of excitement or despair when price movement can be as drastic as seen in the last few months. With there being over a thousand different cryptocurrencies, it is undoubtedly going to take some time for the markets to filter out what’s needed and what is not. Patience is definitely something that every investor or enthusiast will need to adopt if we are to see cryptocurrencies such Bitcoin as the global currency in the distant future.

 

Gvidas Beniulis

International Political Economy student & Cryptocurrency enthusiast.

Founder of OurEconomy.

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