At its inception, cryptocurrency came out very strongly and grew rapidly in leaps and bounds. Due to the fact that it was initially regarded as something for tech-savvy folks, it became associated with geeks. Shortly after being associated with geeks, there came a time when cryptocurrency was characterized as a tool for fraudulent activities. Since its invention, cryptocurrency has had lots of ups and downs and has even been tipped to be out of use by some financial experts. Well, in the mist of the many woes associated with cryptocurrency comes news that will definitely be regarded as good news by all cryptocurrency enthusiasts. Contrary to popular opinion, the CEO of Robinhood has come out to say that in few years to come, cryptocurrency will become the default currency of sovereign nations. Although this prediction can be easily pushed aside, coming from the co-CEO of Robinhood, a famous crypto trading app, means it is a prediction that should be taken seriously.
What Robinhood co-CEO thinks about the Future of Cryptocurrencies?
The 32-year old entrepreneur and graduate of Stanford University in a chat with Yahoo Finance revealed that at some point in time, sovereign nations would adopt cryptocurrency as their default currencies. Baiju Bhatt went on to reveal that he was not sure when this will happen and how long it will take before cryptocurrency becomes adopted as a default currency by sovereign nations. He, however, said that it definitely is going to happen at some point. Comparing cryptocurrency to the internet, Baiju Bhatt revealed that cryptocurrency will definitely appear clumsy for a long while just the very same way that the internet looked uncertain. However, with the right amount of time, cryptocurrency will develop into a tool that will be needed for a normal existence.
Marshall Islands has Adopted Cryptocurrency as her Default Currency
Although the co-CEO of Robin-hood was not quite sure how soon cryptocurrency would be adopted as a default currency, he was certain that it would happen at the right time. Well, even faster that Bhatt expected this process to take; cryptocurrency has already been adopted as the default currency of a sovereign country. This country is known as Marshall Islands. This amazing occurrence happened last month and has given some credit to what Bhatt’s believed.
Although Marshall Islands can be considered insignificant in the league of world powers, it is a sovereign nation and its adoption of cryptocurrencies as its official default currency definitely counts for a lot.