August 21, 2021•335 words
Personally, I wouldn't touch crypto currency with a ten foot pole.
Here are my reasons why:
1. Price Stability
I cannot walk into a grocery store today and purchase a loaf of bread with crypto. Even if I could, the price volatility would make doing so very difficult. One day, a loaf of bread costs $2.00 in crypto, and suddenly the next day it's $5.00/loaf. It doesn't work in the market. It lacks price stability.
2. Market Acceptance
What businesses even accept crypto as a payment? They are few and far between. You're not going into Walmart or Costco and paying with Crypto currencies. Are you?
3. The Masses
The masses are invested in it, and the speculation is real. Have you ever heard of "tulip mania?" With Crypto though, you don't even get a Tulip Bulb. Instead, you're essesntially investing in, well...., a digital NOTHING.
There are people who control the money of each nation, and they can print that money. They will not allow a competitor (crypto) to take that power from them. Thus, if things got bad enough, they would regulate crypto and stop it, protecting the power they have over nations.
I imagine crypto will exist in the future, but I bet, it will exist in the form of a central bank digital currency. A digital currency that is regulated to support price stability within the market. Similar to the dollar of today. One where those in power will still hold control. Also, allowing them the benefit of having all the data that would come from such a platform. They will know everything that everyone is doing. It's very likely that crypto, as we see it today, may be a gateway to such a future currency, and it will probably be a global currency at that.
Paper money will be ditched in the future, but for now, crypto is the one that should be ditched.
This post is not investment advice. It's just my own opinion.