Bitcoin, along with other cryptocurrencies such as Ethereum and Ripple are witnessing a rise in their value. According to expressuk news, the Bitcoin surge in last 24 hours. Thus pulling the price of other cryptocurrencies as well.
Olga Feldmeier, CEO of Smart Valor and the ‘Bitcoin Queen of Switzerland’, suggested that the widespread acceptability of Bitcoin could be a trigger for the beginning of cashless society. Although the adaptation of cashless methods of transaction are adopted at a slow pace, the cryptocurrencies have the potency to increase or accelerate this trend.
Olga Feldmeier further said, “Earlier this year, Venezuela was reported to have raised over $5bn through an ICO for its sovereign-backed cryptocurrency, Petro. Other countries with less stable monetary policies, such as Turkey, and sanction-hit countries such as Iran, have also shown interest in tokenization of the national currency. Even nations like China and Russia have spoken about potential creation of a national cryptocurrency”.
Other firms such as Cambridge Analytic are also eyeing at introducing their own cryptocurrency in the near future. Jill Carlson, a consultant who has worked with several blockchain companies, attended meetings with Cambridge Analytica and told the NYT:
“The way that Cambridge Analytica was talking about it, they were viewing it as a means of being able to basically inflict government control and private corporate control over individuals, which just takes the whole initial premise of this technology and turns it on its head in this very dystopian way.”