If Bitcoin becomes the internet currency since Jack Dorsey has been hoping, it has the target market of $8 trillion in the e-commerce industry. Meanwhile, World’s biggest hedge fund owner says the looming crisis would be severe as countries around the world moving to print money.
Bitcoin wave will dominate the world
For the past few days, Bitcoin price keeps on deteriorating along with the entire crypto market. But it doesn’t in any way means, Bitcoin is getting lost in the price chaos. It’s just a normal cycle! Despite a number of positive news in the market, it is affected by the selling pressure and market sentiments that might also involve some hefty bitcoin wallet being on the move. The similar movements happen in the traditional stock market, national currencies and even economies.
However, as once stated by Twitter co-founder and Square CEO Jack Dorsey,
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
He has also said it would happen “probably over ten years, but it could go faster.”
If we take a look at the e-commerce payments industry as shared by crypto enthusiast Kevin Rooke, the scope for bitcoin is humongous:
Left chart: Over $8,000,000,000,000 in e-commerce payments rely on this process every year.
— Kevin Rooke (@kerooke) September 11, 2018
Bitcoin enthusiasts have been hoping for the leading cryptocurrency to rule the market and go mainstream by becoming a digital currency used all over the world. If Bitcoin captures even e-commerce payment industry, a trillion dollar market is surely the way to go.
The chaos: Severe crisis & printing money
Meanwhile, today in an interview with CNBC, Ray Dalio the founder and co-CIO of the biggest hedge fund of the world Bridgewater Associates, stated:
“I think it will be more severe in terms of the social, political problems. And I think it will be more difficult to handle … It won’t be the same in the terms of the big-bang debt crisis. It’ll be a slower growing, more constricting sort of debt crisis that I think will have bigger social implications and bigger international implications.”
Moreover, the situation will only deteriorate further with the way economic crises is ensuing and countries around the world are resorting to printing money. Recently, the news of President Donald Trump considering the approach of printing money to lower the national debt and balance the federal budget has been doing the rounds.
According to the book “Fear: Trump in the White House,” of Bob Woodward, a veteran journalist, Trump said, “Just run the presses — print money.” This has been during a discussion on the national debt with the former director of the White House National Economic Council Gary Cohn.
To which Cohn has said
“You don’t get to do it that way. We have huge deficits and they matter. The government doesn’t keep a balance sheet like that.”
However, Trump has dismissed the book by calling it a scam.
The situation around the world economies is extremely severe as evident from the fact that Zimbabwe which has been going through hyperinflation is printing a 100 trillion dollar note.
More Interesting is that Zimbabwe launched a 100 trillion bill but could only afford to print one side of it.When people say Crypto hasn’t created any killer apps yet-I know one, BTC, it’s a peer to peer value system that has no gvt in between.For Africans it’s a revolution. https://t.co/O54evvB6cT
— Ran NeuNer (@cryptomanran) September 12, 2018
With the way, world economies are falling and the financial crisis is looming on the horizon, Bitcoin seems to be the safest bet!