With more than 1,100 cryptocurrencies and a total market cap of approximately $150 billion circulating in the market today, this ‘next-gen gold’ has taken the financial world by storm.
The question of their survival, which enveloped this fintech invention in the beginning, has now been replaced by the question of the extent of its evolution and adoption. Industry skeptics raised concerns regarding the new "currency’s” power to disrupt the financial landscape as we know it and lead world economies to lose financial control to the hands of the common man.
Even when many countries and companies ‘banned’ the use of the digital currency, its rapid growth and mass adoption by technology aficionados and leading global firms (such as Microsoft, Virgin Galactic, Shopify, and Tesla) led to its strengthening in today’s fiscal society.
According to a report by PwC, cryptocurrencies have been called one of the “greatest technological breakthroughs since the Internet.” They have also been called “a black hole” into which a consumer’s money could just disappear.
These two stark contrasting statements are the reason why cryptocurrencies have inspired more debate than actual commerce.
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