Expert Predicts Bitcoin Price Boom: World’s Single Currency?

fiat currency vs cryptocurrency

March 29th, 2018   |   Updated on April 23rd, 2024

Digital Wallet App, Abra CEO Bill Barhydt predicts a crypto market boom again in 2018. Barhydt, who once designed trading systems for Goldman Sachs, says Bitcoin, the flagship cryptocurrency, offers huge opportunity for hedge funds, high net worth individuals, keeping in mind the high volatility in the crypto markets.

Bitcoin’s chart shows the cryptocurrency is nearing a “death cross.” The term is used to describe a crossover of the 50-day moving average and the longer-term 200-day moving average.

More specifically, it’s used to illustrate when the 50-day moving average moves below the 200-day moving average — technicians often look at this pattern as a bearish sign of what’s to come.

Bitcoin Will Be The World's Single Currency

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Bitcoin, a cryptocurrency and innovative payment system,is the first decentralized digital currency, as the system works without a central bank or single administrator.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.

Why Bitcoin Will Be The World's Single Currency

Bitcoin is the world’s most popular digital currency and the best-known application of blockchain technology. It exists only as strings of computer code in an immutable, distributed digital public ledger.

Created nine years ago, it came to prominence last year as its value rocketed to $20,000, turning some of its early adopters into billionaires in months. Its popularity led to an explosion of rival cryptocurrencies.

Why Bitcoin Will Be The World's Single Currency-1

Keeping all such trends in mind, Jack Dorsey, CEO of Twitter and Square, believes that Bitcoin will overtake the dollar in importance as it becomes the single global currency of the internet within a decade.

Why Bitcoin Will Be The World's Single Currency

Dorsey acknowledged that Bitcoin will need to face some formidable technical challenges before it will be suitable for widespread use, saying that the Bitcoin network was “slow and costly.”

However, he believes that “as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”

Why Bitcoin Will Be The World's Single Currency

Despite recent weakness in the value of bitcoin and concerns that it cannot currently process transactions fast or cheaply enough to act as a currency, Dorsey, who is chief executive of both Twitter and the payments company Square, believes that bitcoin will overcome these obstacles and will be used to buy everyday items such as coffee.

Source: CCN, Finance Magnates, The Time