Those watching the cryptocurrency markets will be familiar with the passionate cryptocurrency advocate Andreas Antonopoulos. A talk by Antonopoulos summarizing the cryptocurrency industry’s potential was recently published on YouTube and is now being heralded as ”2019’s State of the Crypto Industry” address.
CCN: Antonopoulos’ talk ”2019’s State of the Crypto Industry”
Specifically, this overview is discussed at length in a recent CCN article, labeling the talk as ”2019’s State of the Crypto Industry Address”. All in all, the relevant video with Antonopoulos’ talk – published on February 11th – covers a wide variety of talking points.
Perhaps most crucially, the video discusses the contentious relationship between cryptocurrency and traditional, fiat currencies. Nevertheless, it also suggest that cryptocurrency is become increasingly accepted and ingrained in society.
Firstly, Antonopoulos commented on the neutrality of cryptocurrencies such as Bitcoin. According to him, neutrality should not be misunderstood as being a lack of principles – rather, neutrality is a principle all in its own right.
Moreover, Antonopoulos also likened the development and adoption of cryptocurrencies and their neutrality to the development of the Internet. In fact, he highlighted the fragility of neutrality, its importance, and lastly, it may very well come under attack from various actors, ranging from governments to powerful corporations.
The failure of traditional currencies will drive adoption
Another interesting angle highlighted by Antonopoulos is how cryptocurrency may increasingly supersede fiat currencies. However, this is not – according to Antonopoulos – a steady, continuous process that will happen gradually.
Rather, Antonopoulos suggests that this change will ultimately be driven by the explicit failure of traditional financial systems.
For example, this could be caused by ”moments of crisis” brought about by corrupt or inept governments, who mismanage economies to the point where it becomes clear that cryptocurrency alternatives represent a superior alternative.
Antonopoulos also went on to suggest that Bitcoin is already larger than many currencies around the world. Moreover, it is also comparatively stable compared to smaller national currencies currently being used.
”You think Bitcoin is volatile? Not even close. Most of sub-Saharan Africa would love to have the stability of Bitcoin.”
As such, increased adoption of Bitcoin and cryptocurrencies will likely lead to increased acceptance of the notion that cryptocurrencies are merely currencies, like any others.
Furthermore, this comparison is further validated by the three main characteristics shared between Bitcoin and fiat currencies – which have traditionally derived their value from precious metals.
Both precious metals and Bitcoin are fungible, durable and malleable, as well as ultimately scarce. It remains to be seen whether Antonopoulos’ predictions ultimately come true, but his talk nonetheless presents an interesting overview of the cryptocurrency industry’s current state and potential future.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.