Riding on the ever-expanding distributed ledger technology (DLT), cryptocurrencies have gained a great amount of interest and opened up a world of possibilities in recent times. But given the high volatility of crypto and challenges related to its mining and exchange protocol, crypto as a future financial model is the subject of raging debate. Here, Zia ul Haque gives out a clue as to why he thinks cryptocurrency will always be around now and in the future.
Allaying all the fear over cryptocurrencies, Zia ul Haque says, “One must concede that crypto has changed the way we perceive the financial and monetary systems. It is strategically poised to disrupt the existing tedious cross-border payment system and replace it with a more efficient transfer ecosystem with little to no cost.” Moreover, Central Banks across the globe prepare to compete with the rising popularity of crypto and take on the existential crisis that it has thrown in the way of fiat money. Now, they will design and equip their digital fiat money more in keeping with crypto than any silver or Gold. So, the question of the longevity of crypto as a media of exchange can be ruled out.
Again, cryptocurrencies like bitcoin have already proved they are worthy of investment and speculation like any other asset class. So, it’s unlikely to go away anytime. Ventured capitalists already pledged $ 30 billion in several crypto and web3 start-ups in 2021, and big tech corporations like Tesla have already accounted for bitcoin in their balance sheets. Crypto being the community-owned network, evenly distribute the accountability and incentive and eliminate imbalances of maximum benefit accrual to top brass stakeholders, as is the scenario in the present financial model. “Not just that, it is intrinsically built on a system that offers a level playing field for the developers, creators, and investors to monetize from the assets without the risk of censorship and high commissions charged by a centralized entity,” remarks Zia ul Haque. And such creative enterprising across crypto-allied technologies such as NFTs, DAO, and DeFi position cryptocurrency as the only relevant and viable monetary system that will stay and influence the way forward.
Zia ul Haque is a crypto investor and DeFi enthusiast. He is engaged in curating DeFi platforms. Crypto industry is signaling a value-driven future free of any choking hold of authority and an imbalanced power matrix.