Everyone is going to hate me for this, but I love everything about crypto except the main reason for its establishment: “decentralization“, the concept that no “one” organization is responsible for its management, instead, it’s managed by the people who actually trade it.
In theory, It sounds all nice, but I really don’t think it’s practically achievable because of the fact that cryptocurrency is currently traded as an “investment vehicle” without any underlying assets. Just because we all agree that it’s worth “$60,000” doesn’t mean it is.
While many people will compare it to fiat currency which also is being printed “on-demand”, but you have to realize that the “US DOLLAR” is the world’s currency because of the power the United States has. So, in a way, you can think of the government’s power as it’s an asset. As long as the US remains the most powerful country in the world, The US dollar will hold its value regardless of how much of it we print out.
Let’s cut to the chase, With China & other various countries banning crypto, Unless it’s regulated by the government, it will fail. The issue with creating decentralized “cryptocurrency”, is that there will be no one to keep it stable.
Cryptocurrency can be the future, if , world’s super-power come together to regulate it in a way that it’s beneficial to the governments that regulate it.
This article is an opinion of the author and is in no way the view of the TheMorningNews.com