Why My Long-Term Crypto Outlook Is Still Very Bullish

Cryptocurrency, Asset, Electronic Payment, Payment

Image Source: Pixabay

We haven't seen a massive crypto price drop like we recently did in a long time, and we could see more volatility from major cryptos like bitcoin (BITCOMP) and ethereum (ETH-X). But that hasn't thrown any cold water on my outlook. The digital asset market, as a whole, will continue to rally higher over time.

Because we're starting to see cryptos – big and small ones alike – fulfill their "main mission," a.k.a. their intended purpose to replace fiat paper. More and more, people are coming around. Importantly, institutions are too. One of the country's biggest bankers just said as much.

The Future of Money Is Digital

Last weekend, Tony McLaughlin, managing director of transaction banking at Citigroup Inc.'s (C) "mega-bank," Citibank, spoke at the Finnovex Virtual Summit. The whole reason for the meet-up, involving the top minds in banking and finance, was exploring innovative solutions and improvements for banking – very tech-heavy.

McLaughlin spoke on "Embracing Big Data, Robotic Process Automation (RPA), Machine Learning, Internet of Things (IoT), and Blockchain." That's what got my attention.

McLaughlin said essentially that the microcurrency model is more efficient, faster, and cheaper than the current model we "live in." Just a few days ago, I mentioned the Bank of England's Sir Jon Cunliffe said more or less the same thing. In a nutshell, that means huge players in the field of commercial banking and national finance – central banking – are getting on the same page as us when it comes to the potential of the blockchain and cryptocurrency.

Back to McLaughlin's talk. He said, "Potentially, a world of tokens is more programmable than a world of traditional, siloed financial infrastructure… Token infrastructures are always on, and the traditional financial system clearly is not."

1 2
View single page >> |

Disclaimer: Any performance results described herein are not based on actual trading of securities but are instead based on a hypothetical trading account which entered and exited the suggested ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.