BITCOIN IMMINENT TAKE-OVER: THE UNKNOWN FUTURE FOR BITCOIN HOLDERS

It is now an open secret that, within a few years, bitcoin and other crypto-currencies will eventually take over the banking system and other financial institutions.

World economic leaders have expressed this opinion time and again, even adding that, no government can stop them (crypto currencies) judging from their decentralized nature.

For instance, earlier this week, the head of the International Monetary Fund (IMF) Christine Lagarde, expressed this concern saying that,

even though virtual currencies pose a little or no challenge to the existing order of fiat currencies and the central banks for now, because of some technological deficits, which could however be fixed in the nearest future, they are sure to take over the financial institutions.

She therefore warned that,

“...it may not be wise to dismiss virtual currencies.”

This warning preceded an earlier statement made by the President of the European Central Bank (ECB), Mario Draghi.

The statement stated that, government can only regulate how bitcoin and other crypto-currencies can effectively be traded, but they cannot be controlled.

Even a professor at a major Chinese Government- affiliated University stated categorically that,

“ It is impossible to ban Bitcoin, we are just planning to regulate Bitcoin. Our actions should benefit Blockchain technology as a whole,”

Back in Nigeria, where the Apex bank has repeatedly warned the citizens to stay away from bitcoin, a Deputy Director at the country's central bank, Musa Jimoh, was reported to have recently confessed that,

“the cryptocurrency wave cannot be stopped”

All the above claims seem nice and portray a good future for the crypto world.

However, I have my fears: would the government really sit back and allow virtual currencies to take over the banks and other financial institutions?

Would they allow the masses to wield such powers while they look on?

On those thoughts, a friend once quarried me thus: “what can they do?”

Well, even me too, I used to believe that they can do nothing.

Not until recently when China woke up from its slumber and applied the sledge hammer on bitcoin.

Though we have recovered significantly from the effect, the memory lingers on.

I understand that some governments such Malaysia, Russia, Venezuela, and India are eager and willing to legalize bitcoin as a payment method.

While regions such South Korea, Japan, the Philippines and the US, have already accepted bitcoin as a payment method.

Meanwhile the apex bank of Finland has stressed that, every bitcoin enthusiast should appreciate the fact that, it is not possible to neither ban nor block bitcoin.

On the contrary, Governments can only either help to facilitate bitcoin and its development or stay away completely.

As much as I agree with the above stances, I fear that they might make a U-turn when bitcoin has eventually overcome its prevailing technological challenges as indicated by Christine Lagarde, above.

Whatever the case will be, only the future will tell. Until then, keep investing in bitcoin and other virtual currencies. Maybe that future will never come.

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