US Deutsche Bank dares long-term forecast for Bitcoin & Co.

03:15  24 october  2020
03:15  24 october  2020 Source:   finanzen.net

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Even if 2019 was marked by clear recovery tendencies on the crypto market: Bitcoin & Co. were not able to really make their way into everyday life last year either. However, Germany's largest financial house believes that this will change significantly in the next ten years.

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• "Imagine 2030" report with positive outlook on crypto currencies

• Possible replacement of the Fiat system by 2030

• Numerous challenges ahead

Jim Reid, analyst at Deutsche Bank , in a study entitled "Imagine 2030", gave a surprising outlook on the development of crypto currencies such as Bitcoin in the coming decade.

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The expert pointed out in his report that cryptocurrencies had already posed major challenges to the established fiat system in recent years. In around ten years - by 2030 - he believes that digital coins have the potential to change the guard at the top and overtake the current financial system. Bitcoin, Ethereum , Ripple & Co. could replace fiat currencies, Reid said.

The expert pointed out in particular that the demand for materialized means of payment and anonymity will lead more and more people towards cryptocurrencies. Reid highlighted inflation and the rise in the gold price since the 1970s after the end of the gold-backed monetary system.

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"So far, cryptocurrencies have been more of an addition than a substitute for the global monetary system," said Reid in the context of the study. Despite their well-known advantages such as speed, minimal transaction fees, simple storage and relevance in the digital age, digital currencies have not yet managed to establish themselves as a means of payment. "That could change with a view to the future," said the

Deutsche Bank strategist.

"The survival of the current fiat system required a random series of global forces over decades to create significant natural, compensatory, disinflationary forces," the strategist wrote in his report.

cryptosystem still has to master challenges

Before that, digital assets would still have hurdles to be overcome. First, they would have to achieve legitimate status in the eyes of governments and regulators. This brings price stability with it and also ensures global reach in the payments market. In fact, for many consumers - but also possible institutional investors - the issue of volatility is one of the main reasons why they are skeptical about currencies like Bitcoin.

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Apple Pay and Google Pay as well as credit card providers such as Visa and MasterCard or retailers such as Amazon and WalMart would have to be brought on board to ensure coverage. If these hurdles can be overcome, however, the future of the Fiat system is at risk, believes Reid. At the same time, however, new challenges came along when crypto currencies arrive in the mainstream. In his report, the Deutsche Bank expert names, among other things, the dependence on electricity, cyber attacks and a digital war as potential threats to a financial system based on cryptocurrencies. In this case, "the line between cryptocurrencies, financial institutions and the public and private sectors could become blurred," warns the expert.

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But Reid does not necessarily see a possible rise in digital currencies the currently largest cryptocurrency, Bitcoin, at the top. "If we look to the coming decade, it would not be surprising if a new and popular cryptocurrency were to emerge unexpectedly," he emphasizes.

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