Deutsche Bank predicts cryptocurrency could replace fiat by 2030.

[kotik085]

COINTELEGRAPH
By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies. Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

MAINSTREAM ADOPTION AND CO-OCCURRING CHALLENGES
In order to gain wider acceptance, digital assets need to overcome three major hurdles. These include perceived legitimacy in the eyes of governments and regulators, which entails price stability and allows for global reach in the payment market. According to Reid, the establishment of alliances with key stakeholders like mobile apps and card providers will enable this development.

At the same time, Reid pointed out that with mainstream adoption, new challenges will arise. Among major threats to the purported digital currency-based financial system, Reid named dependence on electricity, cyberattacks and a digital war. “As that occurs, the line between cryptocurrencies, financial institutions, and public and private sectors may become blurred,” Reid wrote.

COUNTRIES EXAMINE CBDC
In the meantime, world governments have been actively debating the need to develop national digital currencies. Earlier today, Bank of Japan Governor Haruhiko Kuroda said that there is no public demand for a central bank digital currency (CBDC) in the country. Kuroda noted the increasing demand for cash payments and added that the bank had been conducting technical and legal research into the matter.

The British Virgin Islands has taken a more proactive approach to CBDCs, announcing that the country is developing a digital currency dubbed BVI~LIFE in collaboration with blockchain startup LifeLabs. The currency is part of a broader initiative to grow the local fintech sector. It will be pegged to the U.S. dollar.

The central bank of France plans to pilot a CBDC for financial institutions in 2020.

Here is my opinion: the creation of this kind of aspect will give an impetus to the transformation of bitcoin throughout the world.

Source: https://refind.com/link/49095261

[cabron]

We don't really need that central bank digital currency (CBDC) but since regular people who aren't bitcoin wierdos are so attached to banks they may really be using this CBDC without knowing the basics of NOT YOUR KEYS NOT YOUR COINS phrase.

2030 is just 10 years from now, I'm definitely alive by that time yet. I really have to see how all these go before I die.

[kotik085]

We don't really need that central bank digital currency (CBDC) but since regular people who aren't bitcoin wierdos are so attached to banks they may really be using this CBDC without knowing the basics of NOT YOUR KEYS NOT YOUR COINS phrase.

2030 is just 10 years from now, I'm definitely alive by that time yet. I really have to see how all these go before I die.

Yes, I understand that there are certain aspects to not touching Bitcoin on the part of the authorities. But here, the fact that Bitcoin is valid, Bitcoin to business, is slipping. This is necessary for the crypto community as a whole. It seems to me that the calculations made and brought to the public by the bank make Bitcoin stronger.

[bitbunnny]

Honestly, I don't think that will happen.
Cryptocurrencies will further develope, they will find their place in economy and finances, bigger adoption will follow.
However, cryptocurrencies will not replace fiat and fiat currencies will continue to be the pilar of world economies, that is not going to change. Due to its features and characteristics cryptocurrencies just can't fully support economies and world finances. So, to my opinion this is exaggerated prediction.

[AGD]

They are not talking about Bitcoin, but about their centralized cryptofiat. The last thing they want is a decentralized open source p2p currency like Bitcoin to take over their inflated toilet paper money.

[Renampun]

things that will happen in 2030 cannot be predicted with certainty,
but I'm sure cryptocurrencies can take over and all fiat currencies convert to cryptocurrencies to follow trends.

[The Sceptical Chymist]

By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

Eh, I doubt it.  There's probably going to be increased demand for things like bitcoin and even altcoins, but as it is right now those are barely seeing use as forms of money.  I really, really don't think the fiat system is in trouble.  Even if countries like China create their own "digital currencies" (whatever that actually means), it'll take them being foisted upon the populace in order for them to be adopted.

Not going to bother reading the article, because I've seen enough of these bank reports to know that a lot of them are just dead wrong in their prognostications.  Take three different banks and you'll get four different opinions.

[dothebeats]

By digital currencies, they mean fiat transferred within the digital realm and nothing else. Most probably not the definition of 'cryptocurrencies' we're so used to anyway.

This is a classic case of mind condition done by banking institutions to trick people into thinking that they're open with innovation and development on the financial sector while in reality, they just want to mask their true agenda and lure people into their schemes again.

Sure enough, 2030 would mean that almost everything is fully digital--at least for most of the countries who will be adopting the idea of digital currencies and integrating it with their fiat. Controllable money supply would still be king in the kind of economy that the world has, so cryptocurrencies (or "alternative currencies" as Deutsche bank calls it) would not be used fully but perhaps just on the side.

[eaLiTy]

By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.
In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies. Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

This is not the first time we are hearing about Jim Reid supporting BTCitcoin and hence it is not a big surprise that he came to a conclusion that the fiat will be replaced by 2030 but the biggest issue for that is also explained by him, cyber attack and digital war is a major concern if we are looking for a completely electronic payment and even now some countries are forcing their citizens to use digital transactions and i am not a fan of all these forced rules by the authorities and my personal opinion is that ten years is a short period of time to replace fiat.
On a side note i find it funny seeing all these predictions is because no one in the banking sector predicted the big crash in 2008 even though there were warnings from other analyst outside the banking sector .

[RussaX]

You can't predict future but very soon cash will not exist. Banks and governments will always have a control over legal adopted currenty wether you like it or not. It certainly won't be the bitcoin.

I don't see it happening by 2030 since crypto still needs time until it gets fully recognised. It will take a long time for governments to adopt it because everything moves at slow pace and there are huge interests behind all of that.

[Twentyonepaylots]

You can't predict future but very soon cash will not exist. Banks and governments will always have a control over legal adopted currenty wether you like it or not. It certainly won't be the bitcoin.

I don't see it happening by 2030 since crypto still needs time until it gets fully recognised. It will take a long time for governments to adopt it because everything moves at slow pace and there are huge interests behind all of that.

lol. you said, you can't predict the future and predicted that cash will be non-existent soon, how ironic. Well my stand on this is simple, if we are going to have a cashless society, a full cashless society then we will be needing the blockchain for transaction records and a well established stable coin completely backed by what? If it's fiat then might as well we should not do it anymore. If we are going to have the society we want, I guess it's better to backed it with something that has a intrinsic value like gold coin and bars and let the government do the regulations.

[kryptqnick]

We don't really need that central bank digital currency (CBDC) but since regular people who aren't bitcoin wierdos are so attached to banks they may really be using this CBDC without knowing the basics of NOT YOUR KEYS NOT YOUR COINS phrase.

2030 is just 10 years from now, I'm definitely alive by that time yet. I really have to see how all these go before I die.

If people are so reliant on banks, banks just have to offer to store BTC and other cryptos on bank accounts. If someone is afraid of hacks, one can pay for an additional insurance (I really believe there's a big future for crypto insurances). If one's worried about volatility, there are already futures contracts. But 10 years sounds very unrealistic to me. Many people still don't use bank accounts and basically use cash for everything... And cryptos are very volatile, unregulated, and fully digital, so no wonder many people freak out about that.

[batang_bitcoin]

They are not talking about Bitcoin, but about their centralized cryptofiat.

It's what exactly what I've understood. It's about their CBDC to be used 10 years from now and the logic is simple, they've just made it digital to make it inline with cryptocurrencies so that people will believe it that they are actually a cryptocurrency.
It's very possible that we will see cash to become obsolete years from now but it's going to be a long time for the adoption. To the first world countries, this is an easy adjustment but not every country can come together with this innovation. I don't think that they'll allow decentralized crypto's to emerge and dominate the economy.

[2double0]

It is possible to replace fiat.
Once, finances were run through barter, then gold, then in some place chocolate was used as a currency. Then came these paper money which is running because of the demand. If a certain asset has a demand whether on paper or digital, it is going to gain a lot of attention in the markets and may one day, achieve what we are talking about, here.

[minersday]

Surely  the increase in adoption and usage of cryptocurrencies would increase in the nearest future but i don't think cryptocurrencies would completely replace fiat. I see a future where both currencies would coexist but many people would prefer to use digital currencies instead of fiat currency. Some folks are still going to use some major cryptocurrencies as a good store of value.

[stoos]

Deutsche Bank predicts cryptocurrency could replace fiat by 2030.

Well, Deutsche Bank will probably not survive next two years

[Ozero]

This is one of many opinions and I do not consider it true. In ten and even a hundred years, cryptocurrency will not replace the traditional national money of states. People’s interest in digital currency is increasing, but cryptocurrency will be able to walk in society only along with the national money of states. Their disappearance will not be allowed by any state.
Now, really stable coins of various states will begin to appear in large numbers. About 70 percent of all states already declare this. It seems that stable state coins can become a serious competitor to a decentralized cryptocurrency.

[samuraijin]

bitcoin and crypto currencies are clearly like the internet, it's not easy many people want to use it and want to know the internet, it takes a long time to process everything and now almost everyone accesses the internet, as well as payment tools like bitcoin or other crypto currencies, but according to I 2030 is a very fast time, I think everyone is free to make predictions and speculations but this is where we realize that invisible payments can interest many people in the next few years, so I only laugh at the few people who have thrown away cheap bitcoin

[slaman29]

bitcoin and crypto currencies are clearly like the internet, it's not easy many people want to use it and want to know the internet, it takes a long time to process everything and now almost everyone accesses the internet, as well as payment tools like bitcoin or other crypto currencies, but according to I 2030 is a very fast time, I think everyone is free to make predictions and speculations but this is where we realize that invisible payments can interest many people in the next few years, so I only laugh at the few people who have thrown away cheap bitcoin

Clearly like the internet I do not know. But I do see the similarities. In the beginning most people were on AOL or some other stupid gateway that helped them connect to the internet for those who didn't know how to dialup directly.

Eventually everyone learnt it, or it just became easier you never need to dialin anymore like it is today.

Same with crypto I guess. People start using coinbase but soon they will be using btc without even knowing they have a private key. Kinda bad in a way maybe but that's consumerism.

[kotik085]

bitcoin and crypto currencies are clearly like the internet, it's not easy many people want to use it and want to know the internet, it takes a long time to process everything and now almost everyone accesses the internet, as well as payment tools like bitcoin or other crypto currencies, but according to I 2030 is a very fast time, I think everyone is free to make predictions and speculations but this is where we realize that invisible payments can interest many people in the next few years, so I only laugh at the few people who have thrown away cheap bitcoin

Clearly like the internet I do not know. But I do see the similarities. In the beginning most people were on AOL or some other stupid gateway that helped them connect to the internet for those who didn't know how to dialup directly.

Eventually everyone learnt it, or it just became easier you never need to dialin anymore like it is today.

Same with crypto I guess. People start using coinbase but soon they will be using btc without even knowing they have a private key. Kinda bad in a way maybe but that's consumerism.

In its own way, the more consumerism in bitcoins, the more extensive Bitcoin goes to the masses and becomes recognizable. I completely agree with you, thank you. Bitcoin was chosen by the German state for a reason.