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.
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Proceeds from the funding will be used for additional licensing to expand its U.S. and international coverage.
Co-founder and CEO Neil Bergquist told CoinDesk that Coinme is licensed to operate bitcoin ATMs in 29 states and will apply for further state licenses in the near future. As for international markets, Coinme has set its eyes on Europe, Central and South America given the high popularity of cryptocurrencies in these countries, Bergquist - read more.
Bitcoin Plays With USD 9,000, While Virus Fears Weigh on Stocks
Bitcoin (BTC) is once again trading around USD 9,000, while the risk-off sentiment has hit stock markets across the globe hard in recent days.
At pixel time (10:35 UTC), BTC trades at c. USD 9,010 and is up by 4% in the past 24 hours and the past week. Earlier today, the price reached USD 9,100 before dropping to almost USD 8,900 and moving back to USD 9,000.
Also, while the U.S. S&P 500 stock index has sold off about 2.2% over the past three days, the number one cryptocurrency is up by about 8% over the same time period.
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Billionaire Investor Henry Kravis Makes First Crypto Investment
Billionaire investor and philanthropist Henry Kravis is dipping his toe into the world of crypto assets.
According to a piece by Bloomberg on Friday, Kravis – who is co-founder of global investment firm KKR & Co. – is said to have invested in a cryptocurrency fund offered by ParaFi Capital.
The news comes via ParaFi founder and CIO Ben Forman, a former KKR employee who left to form the San Francisco-based digital asset startup. Bloomberg said a spokeswoman for Kravis has declined to comment on the investment.
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