How Close Are We to Hyperbitcoinization – Total Bitcoin Dominance?
[NEWS BLOG]: How Close Are We to Hyperbitcoinization – Total Bitcoin Dominance?
Experts believe that bitcoin still has a long way to go before it gains mainstream global acceptance – but believe that the token could become a global mainstay, and even eclipse the dollar by 2030.
Industry insiders call the phenomenon “hyperbitcoinization” – the widespread, global adoption of Bitcoin that will see it eventually surpass conventional fiats like the dollar, the euro or the yen.
But what do experts mean when they talk about hyperbitcoinization – and can industry players do anything to help speed it up?
What is Hyperbitcoinization?
Hyperbitcoinization is not just a matter of bitcoin becoming more popular. It actually refers to a scenario whereby the token becomes the world’s most dominant currency.
For that to occur, fiat currencies would need to devalue against digital alternatives, effectively pushing people to adopt and use Bitcoin instead.
The theory goes that the world’s leading fiat currencies would suffer hyperinflation and subsequent demonetization.
And if that were to happen, the mass adoption of bitcoin would provide the only viable alternative for individuals and companies the world over.
OTHER RELATED NEWS
White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.
It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.
White House Budget Proposal Links Crypto to Crime and Terrorism
In the 106-page document, the word “cryptocurrency” is only mentioned - read more.
Analyst Who Called XRP’s Drop to $0.16 Is Still Expecting Upside: Here’s Why
Analyst Who Called XRP’s Retracement to $0.16 Is Bullish
On March 26th, the price of XRP suddenly shot up out of nowhere, rallying by more than 10% within a few hours’ time out of nowhere, leaving Three Arrows Capital’s CEO, Su Zhu, to remark: “XRP looks like it wants to retrace months of underperformance in a few days now.”
In the wake of this surge, trader Credible Crypto said that before a further rally, he expects the asset to retrace to ~$0.168, as it has today, before continuing to trend higher in a wave-like fashion to $0.20 and beyond.
With XRP having retraced - read more.
What is XRP ?
XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.
An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.