Digital currency expert: Digital assets will replace fiat currencies in 5-10 years

Digital currency expert: Digital assets will replace fiat currencies in 5-10 years
фото показано с : invezz.com

2021-8-27 17:46

Bitcoin (BTC/USD) exceeded $50,000 on Monday for the first time in three months and is at $47,377.45 at the time of publication after a period of highly bullish sentiment. The moving averages of the leading cryptocurrency give strong buy signals.

There are signs that spot traders drove the rally, visible by the relatively low funding rates in bitcoin’s futures market according to Alexandra Clark, sales trader at UK based digital asset broker GlobalBlock, who made the following prediction:

“Whilst uncertainty remains for bitcoin in the short-term, its long-term future is clear, with professionals and academics stating that bitcoin, and digital assets more generally, will replace fiat currencies over the next five to ten years. Many institutions are already scrambling to adopt crypto and blockchain technology in a bid to retain competitive advantage.”

Citigroup is launching bitcoin futures

As an example, she points out that Citigroup is preparing to offer bitcoin futures, making it the latest bank to venture into the digital asset space. Institutional clients are expressing increasing interest in digital assets. However, Citigroup’s UK branch is adamant they would start offering products once they have obtained regulatory approval in the UK.

First European bitcoin futures product to be launched on Eurex next month

Europe’s first bitcoin futures product will make it possible for investors from Europe to trade BTC futures contracts on a crypto ETP for the first time in history. The product will be launched on September 13. This will also allow institutional clients to track bitcoin price developments against the backdrop of strict regulations.

Leading US mortgage lender to greenlight crypto payments by the end of 2021

United Wholesale Mortgage, the second-largest mortgage lender in the US, will start accepting payments in crypto before the end of 2021. This is in line with a tendency established by Tesla, which allowed clients to make payments with Dogecoin (DOGE/USD), as well as the launch of PayPal’s Checkout with Crypto feature, letting users pay for online purchases with crypto.

UK digital asset adoption is lagging behind market

Alexandra Clark concludes that it’s clear digital currencies are shaping the future of global finance and commerce although UK adoption is lagging behind that in the US. For example, PayPal’s new feature is only available to US customers.

The post Digital currency expert: Digital assets will replace fiat currencies in 5-10 years appeared first on Invezz.

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