Last Updated on September 15, 2020
Due to the strength that cryptocurrencies have taken in the world, many wonder what will happen in 2020 with their price and regulation, after in 2019 the main cryptocurrency on the market, Bitcoin, doubled in value, going from around $ 3,700 USD to be above $ 7,200 at the end of the year. Here are the main trends that can define the future of virtual currencies this year and the coming years.
May 2020 – a key date for Bitcoin: the world of digital finance was waiting for this date when the Halving of Bitcoin will occur, or the halving of the number of new coins that will hit the market and that is a written rule in the code behind this cryptocurrency.
The Central Bank of digital currencies: In 2019 China took the initiative to digitize the yuan and make blockchain one of the state’s main investments in technology. This prompted the United States to open the discussion on the possibility of digitizing the dollar and the world began to consider the need to create a central bank of digital currencies to regulate the issue worldwide. The debate is still open today.
Regulation is already a necessity: the fact that the possibility of creating a Central Bank of virtual currencies is being considered also opens the debate on how the regulation of these currencies should be in different countries and many of those even banned, like India, have begun to wonder how they can include them in their regulated financial system due to the popularity of cryptocurrencies in recent years.
Cryptocurrencies as safe-haven assets in some countries: the political and social situation of change that has occurred in Latin America in 2019, has made cryptocurrencies in the region have become safe-haven assets of universal value. Therefore, 2019 figures reported by Paxful, a platform that analyzes the cryptocurrencies market in Latin America, showed that confidence in transactions with cryptocurrencies has strengthened in the region, registering an increase of more than 1000% in the volume of the currencies traded.
For all the above, it is forecast that the number of people who own and use cryptocurrencies will continue to increase in the 2020s, which will inevitably lead to an active debate on global economic freedom and the digitization of the financial sector.
However, not everyone has access to cryptocurrencies. Most of them live in areas where Internet networks are difficult to find. They are commonly isolated from global economic projects. In this kind of situation, tokens as the embodiment of cryptocurrency are needed. With tokens, investors do not have to have an Internet network to carry out transactions such as currency trading, stock trading, foreign exchange trading to international lottery games such as Mega Ball, Power Ball, and Euromillions.
Geographical boundaries are blurred thanks to the presence of these tokens. GenesisONE is one example of a company that is standardizing cryptocurrency tokens. The company issues a $ 1 USD GenOne Coin which can be used as a medium of exchange for various projects it generates. GenesisONE contributes to various projects with the aim of equitable economic distribution in the world and reaches out to more communities, especially those who are marginalized.
The GenesisONE platform is one of the ways in which the penetration of cryptocurrencies into various aspects of people’s lives is made easier. In the future, where gold is less and less counted as a trusted currency, cryptocurrencies will have an even more role to play. Now, are you ready for all these changes?
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