Leading Futurologist predicts the end of fiat currency
The world’s most revered Futurologist has predicted that cryptocurrencies will replace dollars, euros, and pounds by 2030.
Thomas Frey says that Bitcoin and digital assets will soon replace regular fiat currencies.
The expert forecaster says using virtual coins over “regular money” will become the norm in little over a decade.
Futurists now say the meteoric rise, in both popularity and value, of digital currencies will be impossible to ignore.
Frey is scheduled to speak to the US Federal Reserve on the subject later this year.
He predicts that by 2030, most major fiat will be replaced, making up roughly a quarter of the world’s current currencies.
Speaking to Time, he said:
“Cryptocurrency is very much here to stay.
“Cryptocurrencies are going to displace roughly 25 percent of national currencies by 2030.
“They’re just much more efficient, the way they run.”
Frey’s prediction follows a recent study by Goldman Sachs analysts released earlier this year.
The research found that cryptocurrencies could soon replace traditional currency in nations suffering from economic problems.
Many developing countries suffer from a lack of banks and other financial services for citizens.
Currencies often become devalued by high inflation.
Cryptocurrencies could fill that gap and allow people to transfer funds directly, bypassing the need for financial infrastructure, according to the report.
Futurologist Mr. Frey forecasts that digital currencies will become a major part of modern life.
He says this is due to them being far more efficient to move than fiat currency, which relies on banks to facilitate the transaction.
A threat to the banks
Citing the head of the International Monetary Fund Christine Lagarde, Frey said banks see crypto as a significant threat.
Lagarde said cryptocurrencies could one day pose a “threat to central banks and international banking.”
Frey said this warning is a clear sign that we shouldn’t underestimate their importance.
More than $400 billion is already invested in cryptocurrencies worldwide.
$168 billion of this total is in Bitcoin, $73 billion in Ethereum, and $33bn on Ripple, according to data from CoinMarketCap.
Still a matter of debate
Whether crypto could function as a primary form of currency is still a matter of discussion.
The volatility and unpredictable swings in value are still a matter of fierce disagreement as to how they would work as an actual currency.
But futurologists predict that investors will continue to plow money into cryptocurrency, leading to “exponential” growth.
Mr. Frey isn’t alone with his predictions for the future for money.
Dr. James Canton, of the Institute for Global Futures, agrees with the forecast the leading futurologist.
Canton advises companies on upcoming opportunities the technology and economics sector.
He has described the increase in the creation of new cryptocurrencies as giving rise to a “legitimacy of a new asset class,” adding:
”I would say that exponential growth in new cryptocurrency investment opportunities is expected.
“I see crypto investments as traditional investments in stocks and bonds that go through cycles.”
Bitcoin has seen its value stabilize somewhat in recent weeks after dropping from December highs of almost $20,000 per coin.
Values plunged to recent lows of $6,000 in early February during a seasonal price correction.
At the time of press, Bitcoin’s value is at $9,456.76, according to Coin Thud’s live price charts.